Going through a divorce can take its toll emotionally, but there are plenty of other factors to consider, as well. One of those factors is what should be done with the family home. While in some cases it makes sense for one spouse to keep it, in other cases, it is better for the home to be sold and the spouses to split the proceeds. There isn't any one-size-fit-all solution when it comes to family homes, and each divorce is different. By working closely with an attorney, you and your spouse can determine the best course of action for a family home during divorce. Here are some issues to consider:
The Mortgage Will Need to be Refinanced
If the house is in both names and one spouse intends to keep it, any mortgage on it will need to be refinanced into that spouse's name only. Leaving your name on a house that belongs to an ex can be a poor financial choice, so it is much better to cut ties completely and avoid any potential future issues. If the spouse who wants to keep the home can't get financing, then the house may have to be sold instead. By working with an attorney and the mortgage company, you can explore your options and find out whether you or your spouse can keep the family home if you want to.
There Is a Lot of Upkeep to a Large Home
If the family home is big, consider carefully whether you would really want to keep it. There is a lot of upkeep that is needed when you have a big house, and that can quickly become overwhelming. Sometimes less is more. A smaller house will also mean lower utility bills and less to clean, so it may be a better choice than insisting that you stay in a big house for sentimental reasons.
The Money May be Better Spent Elsewhere
By selling the family home and splitting the proceeds, you and your spouse can have a clean break from one another. The money you will receive from the sale can also mean you can get a smaller place of your own and have cash left over, providing some security for the future. Especially if you have young children, having a good place for them to live or visit is very important. Any house can be a home for you and your children, but you want it to be clean and safe, as well. Having the money from the sale of the family home may help you provide that.
Most decisions related to divorces are difficult to make. Understanding the consequences that go along with each option can help make the process easier. A divorce lawyer can assist in providing information needed to make these decisions.