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What's going to happen to your family home when you divorce?

Are you facing the prospect of divorce? If you are, you probably have many questions regarding what this process will mean for your future and your financial interests. One important concern you may have is where you will live. Who or what determines what happens to your New Hampshire family home?

The family home is likely the most valuable asset you and your spouse will have to address in a divorce. What happens to it matters, and you would be wise to consider your future financial stability as you take your concerns to court or negotiate an out-of-court settlement with the other party. When considering options, it is helpful to remove temporary emotions from the equation and think about what will be best long term.

The right option for you

The best way to deal with the family home depends on the individual details of your unique situation. No two divorces are the same, and couples have the right to negotiate an agreement to suit the needs of their children and their financial objectives. Some of the options you have regarding your home include:

  • Both spouses can retain joint ownership – This can be a prudent option if you have children and would like for then to remain in the family home. You and your spouse will need to figure out how financial responsibilities will work and what will happen when you eventually sell the home.
  • Sell the house and share the profits – It may make more sense for your situation to sell the family home, splitting any proceeds from the sale. This can give you the resources needed to start fresh.
  • Buy out the other party – One spouse can buy out the other spouse's share of the home, allowing him or her to stay in the home or eventually sell it. You may be able to do this with a lump sum or by negotiating with other assets.

If you want to stay in your home, you would be wise to consider what you will be able to afford after the divorce is final. Will you be able to afford the cost of taxes and upkeep? Are you physically capable of keeping up with yard work and repairs? 

Optimal for your future 

The choices you make in this process will impact you for years to come. It is in your interests to think carefully about the immediate effect and long-term implications of each choice you make, particularly those pertaining to significant assets, such as the family home.

You may want to discuss your property concerns with an attorney who knows the law and knows how to protect your interests throughout the entire divorce process.

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