Getting divorced is never an easy decision. There are a lot of things to consider before you decide to divorce, and once you’ve put the wheels in motion, you may uncover a lot of different issues that you need to deal with. One thing that many soon to be divorced people worry about is their home. No doubt you’ve saved hard to buy a home, and paid into it for a long time, so, who gets this important asset if you split?
Selling the marital home
In many cases, the best solution may simply be to sell the marital home. Depending on how much of the mortgage is paid off, this could give you both a lump sum which can help you move on with your life.
Where this can cause issues is in cases where you’ve only just bought the house, so don’t have much equity, or where one partner doesn’t want to sell. In these cases, your lawyer will need to discuss your different options and what might work for you both.
Keeping the house for the kids
If one of you will be the main resident parent, then you might opt to have them stay in the house until the kids are 18. This has a few potential advantages:
- The children don’t have the upheaval of having to move
- They don’t need to change schools or lose their friendship groups
- The house may appreciate in value, so you may get a better price in a few years
- You may change your mind about selling, so this gives you a few years to decide
While running two households can be expensive, it’s often a better choice for families, as it means less hassle for the children and a smoother transition to living apart.
Buying your spouse’s share
If you really love your home, and can afford to live there on your own, then another option is to offer to buy their half. If you’re thinking of doing this, it’s worth getting legal advice, and you can find out more at https://www.cgfamilylaw.com.au/. Some ex-spouses are happy to sell their share and make a fresh start, but there can be legal struggles if you disagree on the valuation of the house or if one party thinks they are getting a bad deal. That’s why it’s best to leave things up to the lawyers, who can deal with all the back and forth.
Property can often be a contentious subject during the divorce process. This is because it’s usually your biggest asset, and one that both of you will be relying on to provide for your future post-divorce. The question of who gets to stay in the house, or what percentage you both get, will depend on many different factors from how long you were married, who contributed what to the house and whether you have children. The best way to find out your options is to get professional legal advice as soon as possible, ensuring you are protected by someone who has your best interests at heart.