Who Will Get The Family House?
One of the most common questions people have during divorce is simple: What should we do with the house?
For most people, it is the biggest asset they own together. It is the place their children live and feel comfortable. There is a delicate balance between the emotional side of the divorce and the financial side. It is imperative to understand your legal rights when sorting through these issues.
Keeping Or Selling The Home
For instance, you may want to keep the home so that the kids do not have to move. Is it financially possible? If your ex stays in the house, not only do you need to use a quit claim deed to give up ownership, but you also need your ex to refinance the house so that you get taken off of the mortgage. Failing to do so could make you financially responsible for a home you no longer live in and no longer own.
While keeping the children in the same neighborhood often sounds attractive, many people cannot refinance on one salary, so the only option may be to sell the house. You and your ex can then divide the profit from the sale. This offers a clean break from a jointly owned asset, but it also means you both need new places to live and your kids have to get used to moving between two new homes.
One unique option parents sometimes use is called nesting. This leaves the children in the home 100 percent of the time. You and your ex switch off in accordance with your parenting plan, moving in and out so that the kids never have to move. This is financially prohibitive for many couples, but may work best for the children for those who can afford it.
The Legal Process
As you can see, understanding the legal process is crucial. With an asset of this size and a family to consider, you need to know how to proceed.
Our compassionate and knowledgeable family law attorneys can help here at Fried and Fried, P.A., in Fort Myers, Florida. You get a board-certified attorney, more than 70 years of combined experience, confidential consultations and the direct attention you deserve. We are known for our excellent communication, and we work closely with you during every step in the process.