Divorce signals change in almost every aspect of a couple's life. Therefore, when a couple's relationship breaks up, they part ways. That parting of ways is not just theoretical, though. In most cases, one party will need to find new living arrangements with a divorce in the offing. It's up to the couple to decide what happens to the family home with a divorce. As long as they agree, the judge will approve of any arrangements they make. Read on for some ideas on how to handle property during divorce.
Sell the Home
In many cases, a spacious home is no longer needed for a single person, and it can make sense to put the family home on the market. Both parties may then seek a fresh beginning by finding accommodations that meet their requirements and budget better. Once sold, any profit can be evenly divided between the parties. Coincidentally, judges having to resolve disputes about the home often order it sold in this manner.
Delay the Sale
As an alternative, some couples can plan to sell the home at a later date. The real estate market may not be healthy, and it might make good financial sense to wait a bit. In the meantime, you can either rent out the home or one of you could live there for the time being. For those with children, keeping them in the same neighborhood can provide them with stability until they are older. Be sure you work out who is responsible for paying the mortgage, taxes, insurance, repairs, and maintenance for the home.
Stay in the Home
This solution is obviously not for everyone but it can be the perfect solution for those in an economic crisis. No law dictates that couples cannot continue to reside under the same roof during and even after the divorce. Many couples live together after the divorce, in some cases, for years and years. Only couples who can remain civil to each other should consider this way of dealing with the home. The home should be large enough to provide each party with separate living quarters (such as a basement apartment, for example). Draw up specific plans to address financial issues, privacy, and a potential end to the arrangement. For example, you might decide to end the arrangement when the children are older, when a certain level of income is attained, or when one party is able to buy out the other for ownership of the home.
To find out about the above and other housing ideas, make an appointment with a family law firm.