Should you keep the family home after divorce?

On Behalf of | Dec 29, 2016 | family law |

When going through a divorce, you may have many aspects that need consideration. Interests often arise when it comes to dividing property. Because Ohio is an equitable distribution state, the division of assets does not necessarily mean that you and your ex-spouse will walk away with an equal share. As a result, you may find yourself concerned with the division of particular pieces of property, such as the family home.

Keeping the home

Various factors may play into who ends up with the home during a divorce. If children are involved, a court may view the custodial parent or parent who did most of the child-raising as more entitled to keeping the home. This decision likely comes in hopes of helping the children maintain a semblance of normalcy as their situations change.

If you have no children, other factors may go into consideration. In some instances, one spouse may offer to buy out the other spouse in order to keep the home. Before making such an offer, however, you may wish to consider the tax implications and the future impacts of remaining the sole owner of the home.

Rather than buying out the home in cash, you may consider bartering other assets. For instance, once an appraisal of the property has taken place and a value is set, you could offer to relinquish ownership of another property of equal value in order to keep the home. These negotiations could become tense, and you may wish to seek legal assistance in determining effective strategies.

Selling the home

If neither party has particular interest in keeping the residence, you may both decide to sell the home and potentially split the profits. Of course, there are financial and emotional impacts that go along with this decision as well. Considering where to live next and what you can afford may be significant details, and seeing a once-shared home on the market could have more emotional effects than anticipated.

Legal proceedings

Though some parties have the ability to negotiate and come to terms on their own, many cases do not move forward in enough of an amicable manner for self-negotiations to garner any useful results. Therefore, the court may have to step in to carry out property division proceedings. This process may seem difficult to face, and the idea of losing out on desired property may be a valid apprehension.

With the assistance of experienced divorce attorneys, you may find the avenues that could help you reach the goals you desire and keep property to which you are entitled. Legal professionals may offer advice on the future implications of maintaining ownership of certain property and allow you to better understand how your decisions could affect you long term.