There are only a handful of major financial transactions that you might experience in your lifetime. Divorce is amongst them, and it oftentimes makes the others pale in comparison. This is why you need to know your options when it comes to issues like property division and develop a plan that puts your financial interests first. Let’s take a look at one of the bigger issues within property division.
Dealing with the family home
A lot of times people have emotional attachments to their home. In the divorce context, this can drive many of them to fight to keep the residence. But this might not make the most financial sense. Your options when it comes to the family home include:
- Selling it and splitting the profits with your spouse
- Selling it to your spouse or exchanging it for other assets
- Obtaining the house by buying your spouse out or giving up other assets
- Continuing to co-own the home with your spouse to build equity
Know how your options will affect you
Before settling on one of these options you need to fully assess the situation. Consider whether you can keep up with mortgage payments and maintenance on your salary. Think about whether the struggle of keeping the home is really worth it for you emotionally. You’ll also want to take your children’s feelings into account, too, as your position may change based on whether you’re the custodial or noncustodial parent.
There’s a lot to think about when dealing with divorce and its accompanying property division. You should have a solid plan in place before you sit down at the negotiation table or set foot in a courtroom. After all, this is the only way to know where you can give and take while still acting in your best interests. If you think you could benefit from preparing your strategy with the assistance of an attorney, then be sure to vet your options before settling on the one that is right for you.