Helping You Align Your Priorites

Should you keep the house in a divorce?

On Behalf of | Dec 4, 2019 | Firm News |

You have many decisions to make when you get a divorce in Minnesota. Perhaps one of the most difficult is what to do with the family home. While your gut feeling may be to fight to stay in the house, it may not be the ideal decision for you or your family.

U.S. News and World Report explains that you have a few different options for what to do with your home in a divorce. You may sell it, keep it or share it. Each option has its pros and cons.

Sell it

It might be easiest to sell the home. This enables you to split the profits with your ex-spouse and move on. You can then find a new home that suits you instead of staying in the home you shared during your marriage.

One issue is that selling a house can take time, which may hold up your divorce process. It is also stressful, which only adds to the stress you already have about the divorce. Furthermore, you may have to spend more money making repairs or fixing up your home so it will sell.

Keep it

Keeping your home may feel like a good idea because you may want to avoid more changes in your children’s lives. It also may provide you comfort at this time when many things are different.

Keeping the house comes with many downfalls, though. If you cannot afford to keep up the house after your divorce, you may end up having to sell it anyway. Furthermore, to keep your home, you may need to negotiate with your spouse. You may have to give up other assets to get it. This could leave you house-rich but cash-poor, which is a terrible situation to be in when you cannot afford to keep the house.

Share it

Sharing the house may seem like a strange idea to some people, but it works for many families. Nesting is where you and your ex-spouse alternate living in the home with the children. When you are not in the house, you stay in an apartment that you rent. This can cut down on expenses for you and your ex-spouse after the divorce. Plus, it keeps things stable for the children. However, it does require a high level of communication and a willingness to work together, which is difficult in some situations.

Deciding what to do with the family home is something you need to do on your own. Only you know what will work for your family.