One of the most valuable assets many couples in Oregon will discuss during the property division stage of a divorce is the family home. Whether you decide to keep it jointly, buy out your spouse or sell it and divide the profit, there are implications to each decision.
Every situation is different
Deciding what to do about the family home is not an easy process. Each family’s situation is different and so are their needs when it comes to the home. To make an informed decision, spouses will need to consider a variety of factors, including:
- The children
- Future plans
Keeping the house
Some couples might decide to keep the house jointly after divorce even if only one spouse is living there with the children. Another version of this is known as nesting where parents take turns living in the house with the children. When one parent is living in the house, the other parent lives in an apartment rented by both parents for this purpose.
Buying out your spouse
For other couples, what might work best is one spouse buying out the other and keeping the house. This decision, however, should be carefully made after considering if the spouse who keeps the house can really maintain mortgage payments and the upkeep of the house.
Selling and splitting the profit
Other couples might decide that the best way to move forward is to sell the house and split the profits. This might be a good idea because they also end up splitting the costs of selling the house, which can run as high as 10% of the total price.
The decision to keep or sell the house might be one of the most difficult ones you make during the divorce. You may find the guidance of a lawyer with family law experience beneficial when making this decision.