Deciding what to do with the family home during a divorce can become an emotionally-charged power struggle and a continuing source of conflicts and negotiations between all parties involved. There are a wide variety of factors that couples must consider before making a final decision.
The following are several options on dividing the family home in a divorce:
- Sell it immediately. If you and your soon-to-be-ex spouse want the cleanest break possible, selling the family home is the best option. In addition, having the house “out of the picture” means that there is one less thing to negotiate in the divorce proceedings.
- Sell it later. On the other hand, you and the other party may want to sell the home at a later date. Whether you are waiting for the real estate market to improve or waiting until you build up your equity, there are several reasons to delay selling the family home during a divorce.
- Keep it. One of you can afford to buy out the house from the other party. Of course, this will be treated as any other real estate purchase, which includes inspections, repairs, and negotiations. The spouse who keeps the home may need to refinance the existing mortgage. Additionally, you may want to keep the home in order to rent the house to a third party and turn it into a profitable business venture. However, you and your spouse may need to create a joint business banking account for landlord expenses and rent receipts.
At The Law Office of Mark R. Hinshaw, we are committed to determining the best option for your family home. We can thoroughly review your case and determine the best course of action to protect your best interests and future.
If you are interested in filing for divorce, request a free consultation with our West Des Moines divorce lawyer today.