When you file for a divorce from your spouse, there are many different things that you will have to discuss with one another. One of the most important conversations is how you will divide your property in a fair and appropriate manner. This includes answering important questions about your shared estate. Who will keep the cars? Do you sell the furniture or keep it? And perhaps most importantly, what will become of the marital home?
While some couples may wish to leave the past behind and sell the home for equity, this is not necessarily always the best choice. In fact, there are some benefits to staying in the marital home, and The Virga Law Firm, P.A. can help explain what they are.
Do You Have Children With Your Spouse?
It is no secret that divorce can be especially challenging for children to process. For most parents, it is a priority to ensure that their divorce is as smooth as possible for their children’s sake. An additional move or leaving the home that they grew up in could present unnecessary stress for the children to navigate. If parents are divorcing, they should extensively consider the benefits of maintaining the marital home for the stability of the children.
Do You Own the Home?
This is another important question to consider when questioning if you should keep the marital home. If the home is already owned, it may make more financial sense to keep the home. Often, the parent that has primary responsibility for the children will assume the marital home. This is due to the aforementioned point that children will ultimately thrive when in stable and familiar environments.
What Is the Housing Market Like?
If selling the home is on the table, remember to take into consideration the current state of the housing market. These days, it is not uncommon for individuals to opt-out of buying homes due to the unstable nature of the housing market. Instead, more people may choose to rent a home. For this reason, you will need to be realistic about the probability of your home being sold in a timely manner and for the amount you expect.
Should You Ask Your Attorney for Advice?
Yes. It is always a good idea to speak with your attorney about any property division issues or questions that you may have. Deciding what to do with the marital home can be stressful and overwhelming. However, an experienced attorney will be able to recommend the best course of action for you and your case.
Needing assistance with property division? Contact the team at The Virga Law Firm, P.A. at (800) 822-5170.