There are many uncertainties that come with the decision to divorce. You might not know at first who will assume custody of the kids nor who will claim certain assets, and the fate of your family home is one of those items that can be a cause of significant stress and concern.
It is possible that you might have to sell your house as a result of your divorce, and that can add the burden of finding a new home to your existing list of worries. By understanding the different ways to settle the matter of the family home, you can be better prepared for what comes next.
Why might you have to sell your house?
Whether through amicable negotiations or as a result of a court decision, it may become necessary to sell the family home. Liquidating the home and splitting the proceeds is an efficient way to comply with equitable distribution laws. Similarly, one spouse can “sell” their share of the home to the other spouse if you find such a solution to be mutually agreeable.
What are your alternatives to selling the house?
No transaction will need to take place if you and your soon-to-be ex-spouse compromise on allocating other valuable assets so that one individual can equitably claim sole ownership of the house. Alternatively, you and your co-parent can co-own the family home while the custodial parent raises the kids there until they turn 18, at which point you can sell the property with fewer concerns holding you back.
Selling the family home is a quick and relatively stress-free way to divide the property as a marital asset. If you or your ex-spouse have a significant attachment to the home, however, there are alternative ways to settle the matter without selling it right away.