The family home is often one of the most valuable assets in a divorce in New Hampshire. It is important to understand what happens to the family home in a divorce and how to protect your interests. In a divorce, you have several options when it comes to the family home.
Sell and split proceeds
In some cases, you may agree with your spouse that selling is a good option for both parties involved in the divorce process. You can sell the property and split proceeds, assuming the sale is fair to both parties. This option can be helpful if you don’t have children or if your children are adults. However, if you decide to sell the family home in a divorce, you will need to find a new place to live, which can be a difficult process.
Buy out the other spouse
If you wish to keep the family home, you may buy out your spouse’s share of the property. You can do this by paying your spouse for their share or refinancing and buying out that half-share from a bank loan or mortgage company. It will depend on the equity in the home and your spouse’s willingness to sell.
Occupy and maintain
If you can’t agree on what to do with the family home, you may be able to occupy and maintain it until your children reach adulthood. This option will require both parties to come to an agreement about occupancy, use, repairs, insurance, and taxes. It can be a difficult process, but it may be the best option for your family.
One spouse remains in the home
If there are children involved in the divorce, you may decide that one spouse remains in the home while the other moves out. This can be a difficult process for both parties and should only be used as a last resort. You will need to agree about who pays what bills and how expenses will get divided.
These are some of the options available when it comes to the family home in a divorce. It is important to understand your rights and responsibilities before you make any decisions about what to do with the property.
