What Happens to the Family Home During a Divorce?
While the divorce process can be incredibly painful to go through, one of the more challenging decisions that you and your ex would have to make is determining what to do with the family home. Unlike other material items such as cars, your shared house not only has financial value but sentimental value too.
And if the both of your started your growing family in that property, the emotional connections that you each have with the property can make the prospect of giving it up to the other party seem out of the question. So what options do you have in this situation? This article seeks to answer a few of the commonly asked questions that individuals have when deliberating on what to do with the family home during a divorce.
Is it mandatory to sell the house immediately divorce proceedings begin?
A presumption that's some couples have regarding the family house is that once they begin discussing the marital assets then they will need to liquidate this property. However, this is not mandatory. If you and your former spouse need some time to get on your feet financially, you can choose to cohabit in the same property. This not only saves you both money that would be spent on rent but it also gives you some time to sort out other aspects of your financial status.
Nonetheless, you would need to consult with your family law solicitor on how best to go about cohabiting during your separation, as you would need to prove to the courts that the primary reason that you lived under one roof leading up to the divorce was for financial purposes and not for the rekindling of the relationship.
Can one party reside in the family home during the divorce while the other moves away?
In some instances, you may find that one party is more financially stable than the other. Thus, the individual with more money may not want to cohabit during the separation but instead would want a passive income from the property. In this case, you may want to consider renting the family house until you choose to sell it. For instance, if one party is keen on remaining at the property, they could pay the other party an agreed-upon of money each month for a specified duration, perhaps for a couple of years and then the both of you can put the house on the real estate market.
If this seems to be the best course of action for your situation, the family lawyer will draft a financial agreement so that both spouses can understand their fiscal obligations and stick to them for the specified duration. The agreement will also outline the future intentions for the property in regards to the division of ownership, depending on what the two of you agree on. For more insight, contact divorce law services.