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Family Home: Keep, Sell, Or Split?

When you’re going through a divorce, one of the biggest decisions you’ll find yourself making— is what becomes of the family home? You’ve spent the better part of your marriage, and your adult life, making this house a home, and a safe haven for your family. But, now that your family is going to be looking a little bit different— what is the right choice for this, no longer communal, space? Do you keep it? Does your spouse? Or, do you sell the home and go your separate ways? Every family will make this choice, and do so in a different way… 

Family Home: Where Do We Go From Here?  

This decision is emotional for all parties involved. After all, you bought the family home, or built it, with a vision of building a family there. Little feet on the hardwood, grandchildren, and growing old. But, now, you’re left to decide where you go from here. Maybe you want the house right now, or your spouse does. Or, maybe neither of you want to take it on by yourself… 

Taking on the debts of a home by yourself… 

While, in the moment, you might decide that you want this house. After all, you put a lot of love, blood, sweat, and tears into making the family home what it is today. You don’t just want to pass off all that work to the highest bidder. But, before you make the decision, and buy your spouse out, you have to make a few decisions.

Chiefly, you have to decide if you can afford the debts of a home by yourself. Utilities, upkeep, accidentals… There is a lot of financial hardship that goes into owning a home, especially a home built for an entire family.

Do you want to give up other assets, or a nest egg, in exchange for this house? 

You might want the family home. If so, you might have to either buy your spouse out of their portion, or give some other large asset over in exchange. Therefore, you have to decide if this specific house is worth giving up something else potentially beneficial. Ultimately, you have to decide what it’s worth to you. 

A family home has a lot of memories…

While you might love your home, and the memories you’ve made here— not all of them are good. Furthermore, not all of those memories are going to be fond. You must consider if you really want to spend the years following a divorce in a family home that represents your marriage. Do you want to sleep in the same room, maybe even the same bed, that you spent the best and worst days of your marriage in? 

Making the decision to sell the family home can be a difficult one. But, it can make for a cleaner break and a fresh start for the both of you. Consider taking the money you make from it, and buy something better suited to your new lifestyle. We wish you luck in this difficult time, offer our condolences for your divorce, and extend our services if you find that you may need them.