Dividing property can be an arduous step of the divorce process, mainly if you and your former spouse have contradicting opinions on what to do about the assets you own together. Out of everything you have, you may have specific properties that hold significant monetary and sentimental value, such as the family home.
Most divorcing couples consider their house a vital asset, often bought by a mortgage. Since this type of loan usually names both parties joint owners, deciding what to do during divorce can be challenging.
Ways to resolve issues involving the home and mortgage
Typically, the home is a priority because of its value and how losing it can impact the entire family, including the children. There can be many ways to deal with this piece of property based on your goals, including the following:
- Put the home up for sale, generating proceeds you can split equally.
- Keep the mortgage and the home as is, maintaining it as an investment during and after the divorce.
- You or your former spouse takes over the mortgage and keeps the home.
Although these possibilities may sound ideal, they may only be realistic according to your situation. Many factors can come into play, considering the household circumstances and the divorce.
Choosing a practical approach
You might already have an arrangement in mind during your divorce, but keeping expectations and goals realistic could be crucial. For some, the process can be straightforward. However, for others, the household could face considerable challenges for many reasons, such as the income disparity between you and your former spouse or troubling family dynamics.
Before filing for divorce, consider seeking legal counsel to determine the suitable options, especially if you have anything specific planned for the family home. Experienced guidance might not guarantee favorable results, but it can help you take a practical and appropriate approach.
