Dividing marital property during divorce can be extremely stressful. You might have emotional attachments to some pieces of property, and the outcome of this process can have a major impact on your financial standing post-divorce. That’s why you need to enter your divorce settlement negotiations with a strategy.
One major marital asset that requires a sound strategy is the family home. Before you can figure out how to negotiate for what you want, though, you need to know your options. Here are some of them.
Buy or sell the home to or from your spouse
This option requires a lot of cash to change hands, but it might be right for you if you either want to cut ties with the home and your spouse with some money in your pocket, or if you want to have the home all to yourself without jeopardizing other marital assets. If you want to keep the home, just keep in mind that you’ll be solely responsible for the mortgage and any upkeep, which can be quite expensive.
Barter for the home with your spouse
Other marital assets might be used as leverage to either secure the residence or obtain a better financial footing without the burden of the family home. Just be careful to recognize the true value of the assets in play when taking this approach.
Sell the home to a third-party
This option is usually enticing because it can give you an infusion of cash while at the same time allowing you to rid yourself of the costs associated with the home and retain your fair share of marital assets. Just make sure you’re selling the home for the right price and are getting a fair share of the proceeds.
Continuing to co-own the home has its benefits, even if it’s a little strange. Namely the fact that you can continue to build equity and provide stability to your kids. Of course, someone is going to have to pay for a second place to stay, which can be costly.
Picking one of these options is just a small part of developing your negotiation strategy. To learn more about how to protect your interests during the divorce process, reach out to an attorney you can trust.