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Should you keep the family home after a divorce?

On Behalf of | May 30, 2023 | Family Law / Divorce

Divorce is a life-altering event that often requires making many difficult decisions. One of the individuals’ most significant choices during a divorce is keeping the family home or letting go of it.

The family home often holds sentimental value for both parties involved. Memories of shared experiences, children growing up, and the sense of stability associated with the home can make it difficult to let go. Consider how important the emotional attachment to the family home is for you and your children, as it can play a significant role in the decision-making process. You may also need to consider things like:

Where the children will live

The primary caretaker may choose to keep the family home if children are involved. This is because it may be in the children’s best interests to remain in their familiar surroundings, especially if they are already dealing with the emotional upheaval of their parents’ divorce.

Conversely, some individuals find it liberating to start fresh in a new environment. If this is your case as the primary caregiver, don’t be afraid to seek comfort and stability in a new home. Choosing an option that supports your emotional healing and personal growth will help ensure your children have a fit parent.

The financial situation of each spouse

Another factor that may come into play is the financial situation of each spouse. If one spouse can afford to keep the family home independently and has the credit to refinance, they may keep the house. However, if both parties cannot maintain the home independently, the best action would be to sell the property so that each party receives their fair share of the asset.

It’s also important to consider the overall financial picture. In order for one spouse to take the family home as part of the divorce settlement, there must be other money or assets to let the other spouse have in exchange for their share.

Deciding whether to keep or sell the family home in a divorce can be a complicated and emotional issue. Furthermore, many factors must be considered before the final decision is made. But ultimately, the decision will be based on the unique circumstances of your divorce.