Your marital home is likely a place that’s very special to you. Determining what will happen to it is often something that’s hard to do if you decide to divorce.
There are a few ways you may opt to handle the marital home. You and your ex will have to consider the options and work together to figure out which one is the best. This must be done before your divorce is finalized.
3 options for the marital home
One of the most common options for the marital home is that one person buys the other person out. When children are involved, the person who keeps the home might be the one who’s going to have the kids the most. This prevents them from having to be uprooted.
Another option is that both parents can continue to own the home and cover the related expenses while the children live there. They can use bird’s nest parenting where the parents rotate in and out of the home. Alternatively, the parent who has physical custody of the kids might live in the home. The home is usually sold when the children move out.
Finally, you might sell the home and split whatever profit is left after the mortgage is paid. Remember to cover any expenses related to the home before you divide the proceeds.
Anyone who’s going through a divorce should think logically about how they will divide their biggests assets. This can play a primary role in the outcome of the divorce settlement. Working with someone who can help you evaluate the options you have is beneficial. You must ensure you make decisions that are in your best interests throughout the divorce process.