What Should We Do with Our Family Home in the Divorce?

 Posted on January 04, 2024 in Family Law

Divorce proceedings require spouses to make complicated decisions and agreements about almost every aspect of their life. They need to work out child custody arrangements if they have children, figure out if either will be paying spousal support, and devise a plan for dividing their assets. Some assets are a simple matter to divide. An amount of money can be divided up easily. Other assets, like your home, can be more complicated. If you are headed toward divorce and unsure what to do about your home, a DuPage County, IL divorce lawyer can help you weigh your options and choose a path forward.

The Pros and Cons

An easy scenario is if one spouse wants to keep the home in the divorce and the other does not. If that is the case, the spouse keeping the home might compensate the other spouse for stepping away from the property. Another fairly uncomplicated scenario would be if neither spouse wants to keep the home. If so, they can sell the house, split the money, and go their separate ways. If the spouses are unsure what would be in their best interest or if they both want to stay home, things become more complicated. To help figure out how to resolve this, several factors should be taken into consideration:

• Children: If the couple has children, it might be advisable for the parent with more parenting time to remain in the home because it could help the children maintain stability during major transitions.
•  Finances: Keeping the home also means needing to pay for home insurance, home maintenance costs, the balance of the mortgage, and taxes. If these costs would be hard for you to cover on your income alone, it might be better for you to give up the home.
• Emotions: The circumstances of the divorce might affect how you view your home. If it reminds you of a dark time in your life, you might not want to stay there. If you have fond memories of better days spent there. Whatever the case may be, you need to figure out how you relate to your home so you can understand what outcome you want.

Schedule a Free Consultation with a Wheaton, IL Family Law Attorney

If you are having a hard time figuring out whether it is in your best interest to keep your family home, an experienced DuPage County, IL divorce lawyer can offer guidance that can help you with this important decision. Call Davi Law Group at 630-657-5052 to schedule a free consultation.