Some divorcing California couples cannot agree on whether to keep the family home, or only one spouse may wish to sell it and move on. The decision about whether to keep the family home is one that needs to be reached after careful consideration.
Many people want to keep the family home no matter what
There is a definite value in maintaining some stability in your life. When there are children in the picture, this takes on even more importance. Staying in the same physical surroundings can be beneficial for mental health and well-being. However, each spouse legally has an ownership interest in the family home. In order to stay, one spouse must buy out the other’s interest during the divorce. They must either pay cash or trade other assets to finance it. In the process, they may devote a larger share of their own assets than they can afford.
You should consider all the facts before deciding
Making this decision is not just an emotional issue. There are legal and practical aspects to consider. Before making a final decision, it may be helpful to talk with both a real estate agent and a divorce attorney. This will give them a sense of both the value of the home and the legal aspects of the process. It is important to make an informed decision. You may not realize the true costs of keeping the family home, or you may want to figure out how to make this all possible.
In general, high-asset divisions can be complex in a divorce. Proceedings are typically more contentious when there is more to discuss and divide. A divorce attorney may help their client negotiate a solution, hopefully keeping them out of court while helping to resolve thorny issues.
