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What happens to the family home in a divorce?

When a Montgomery area couple feels like their marriage is over it can be a difficult time. Emotions are high and there are many things that need to be figured out. The property division portion of a divorce can be the hardest to work through. What to do with the family home is often a contentious issue.

The family home is often one of the greatest assets a couple owns. The home is often worth hundreds of thousands of dollars and also has years of memories attached to it. In a divorce situation there are certain things that need to be worked out and splitting assets is a major task. There are options that a couple has when it comes to the family home.

Selling the family home

A couple may decide that they need to sell the family home and split the profits. This may happen if neither person wants to keep the house or if one person can’t afford it on their own.

One person keeps the home

This option is when one person decides to keep the home and buys the other person out. The mortgage is then refinanced in the one person’s name. In this situation it is important that the person understand the costs of owning the home and make sure they will be able to afford it.

Both spouses keep the home

This situation may happen if the couple has children and they want to minimize disruptions to the children’s lives. Often a couple will work out an agreement that one person stays in the home with the children for a set amount of time, such as all children have graduated from high school. After this set amount of time the couple will sell the house.

Contact a family law attorney

It is important for someone going through a divorce to have an attorney who specializes in family law on their side. An attorney can advise their client as to what their best options are and can make sure the decisions they make are appropriate for their future.