By the time a West Long Branch area couple come to the agreement that they should divorce it has been a long and arduous process. A divorce is an emotional affair for everyone and in addition to dealing mentally with the divorce, having to deal with the practical matters of a divorce can be overwhelming. One of the more contentious issues among couples in a divorce is property division. What happens with the family home can be a major issue couples need to work through.
There are several options for the family home in a divorce.
- Sell the home. Many couples choose to sell the family home and split the proceeds. The couple will need to decide what work needs to be done to the house before it is put on the market and what the listing price should be.
- Keep the home. A couple may choose to keep the family home for a designated amount of time. This is often when the children graduate from high school or some other event in the future. After that event has occurred the couple will sell the house and split the proceeds. This can be a good option for couples who want to minimize the effect a divorce will have on their children.
- Buy out the other party. If one spouse can afford it, they may choose to buy out the other spouse’s share of the house. They will then need to refinance the home in their own name.
- Divide large assets. If a couple has multiple large assets, they may choose to divide them. These may include a vacation home, the family home or a large stock portfolio.
A legal professional who is skilled in divorce can help their client through the divorce process. They understand that this is a hard time for their client and will make sure their needs are met both now and into the future.