Home Ownership in Divorce

There are a lot of questions that come up during a divorce. One of the most common questions couples ask is “what will happen to the house?” Usually, a home isn’t the only biggest asset of the couple. Oftentimes, it is also the asset with the most emotional attachment. You and your ex-partner decided that this was where you’re going to spend most of your time – building a life and raising your kids.

Because of this emotional attachment, it might be difficult to let go of your house. Today, we’re going to share with you some of the common approaches to settle your family home with the help of an ALP Law Firm – Houston divorce attorney.

Co-Ownership

Oftentimes, a buyout or sale will not work for your case. Because of this, it may be ideal to think about co-ownership for a fixed amount of time. You will have to define this clearly with your divorce attorney. Basically, this will redefine your relationship with your ex-partner. Instead of becoming ex-husband and ex-wife, you will have a business relationship of “co-owners” of the house.

Buyout

Whenever a spouse releases his or her interest in the house, a house buyout occurs. In exchange for this release, the spouse will be paid in cash or the promise of cash to be paid down the line. Oftentimes, this occurs in cases where the main caregiver for the kids wants to stay in the house with the kids. When it comes to a buyout, there are a lot of complex things to consider. Because of this, you will have to hire a professional negotiator that can help recommend you the right thing to do. This is particularly true if you think a buyout is your ideal option.

Putting the House for Sale

You may want to put the house on the market and get the best possible price if you or your ex-partner don’t want to stay in the house or can’t afford to stay in it. This can be extremely difficult for families due to the process of moving out. Everything can feel done and final. However, it is sometimes simpler to have the money from the sale than having a huge asset that reminds a couple of their divorce.

What to Do If You Want to Keep the House?

There might be excellent reasons to stand your ground if you want to keep the family house after a divorce. Since keeping or selling a house after divorce can be a huge event, it is crucial to understand that your reasons are sound.

One of the main reasons you can use is your kids. Keep in mind that your kids might be traumatized by divorce. It can cause emotional distress if they’re forced to move. If you are concerned about this, you can try to keep the house with your kids.

Another reason is emotional attachment. Oftentimes, it’s an extremely emotional decision to keep a house. A lot of couples become attached to their home. Because of this, they might choose to keep the house.

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