As you ponder divorce, you’re sure to have many questions regarding the property division process. Even if you have a lot of assets, many individuals immediately focus on trying to retain the family home.
Will you get to stay in the family home? If not, what will happen to it and — perhaps most importantly — where will you live?
It’s important to have a plan in place before filing for divorce. Even then, it is impossible to predict the outcome of a litigated divorce, just as there is no sure way to determine who gets to keep the home in a divorce, as it depends on a variety of circumstances. Mediation is a popular alternative to litigating the divorce, as it gives the spouses some autonomy with their decisions.
The parents who receive physical custody of the kids often are granted at least use of their marital homes. Doing so provides the children with as much stability as is possible during this difficult transitional time.
However, if one person purchased the home with their own funds before the marriage and there are no children involved, that person can legally request that the other individual vacate.
In some cases, the best way to deal with a family home in divorce is to sell the property and split the proceeds. This ensures that both individuals receive money from the sale, with neither feeling that the other came out on top.
If you’re facing divorce and wondering what’s to come regarding property division of the family home and other assets, create a checklist of your assets and financial liabilities. This will help you understand your situation and what you can expect to occur in the weeks and months to follow.