A wide range of property division issues arise in divorces. For many divorcing couples, one of the biggest to address is the matter of what to do with the family home.
There is not one uniform way that homes are handled in Virginia divorces. There are many different arrangements that could be reached when it comes to such property.
Some examples include:
- The house being sold: The proceeds would then typically be divided between the spouses.
- The house going to one of the spouses: Generally, in this sort of arrangement, the other spouse would get other assets in the property division to offset the loss of his or her ownership stake in the home.
- A delayed sale arrangement: Under such arrangements, divorcing spouses might agree to sell the home at later date (such as after the kids have left home), with one of the spouses continuing to live in the home up until that time. Under such an arrangement, once the sale happens, the proceeds might then be split between the spouses.
- Non-traditional arrangements: There are a range of more out-of-the-ordinary routes divorcing couples might decide to go when it comes to the family home. One example is nesting. This route, often done on more of a short-term basis, involves a divorcing couple’s kids living in the family home full-time, with the parents switching off living with them there.
What ultimately happens with a home in a divorce can have major ramifications financially, emotionally and on family dynamics. So, there are a range of factors it can be important to think about when deciding what approach to take regarding a family home in a divorce, such as:
- The costs associated with selling the home
- The upkeep costs of the home, including mortgage expenses, maintenance costs and taxes
- If you have kids, what would be best for them
- Your overall financial and family goals
So, the question of what to do with the family home in a divorce can be a complex one. Skilled divorce attorneys can help divorcing individuals with protecting their goals and interests when it comes to this question and other critical divorce issues.