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Your family home and your choices during divorce

On Behalf of | Nov 26, 2023 | Divorce

When you are going through the process of ending your marriage, everything in your life will change. You could find yourself with less time with your kids, changes to your finances and adjustments in where you live. You may even have to move from your Arkansas family home. This can be disruptive, stressful and emotional, and one of your main concerns might be what will happen to the house.  

It is normal to want to stay in your home. Moving out will not only disrupt your own life, but it could also disrupt your kids’ lives as well. While this is one of your most valuable assets, and it is normal to want to stay in your home, this is not always the best decision. It is important to know and understand your options regarding your house during a divorce as this could affect your future for years to come. 

Options for dealing with the home 

There are often strong feelings associated with the family home during a divorce. You and the other spouse may not agree on what should happen to it, and if an out-of-court solution is not possible, the court may decide how to address this marital asset. While every situation is different, the most common ways to address the family home during a divorce include the following: 

  • If one spouse wants to keep the home, he or she could offer to buy out the other spouse’s portion of equity in the home. 
  • One spouse could keep the home while the other spouse keeps the majority of other marital assets 
  • The spouses could decide to remain in the home together with the children or until a point in the future when they may decide to sell the home. 
  • The spouses could sell the home and split the profits from the sale, or they can make another arrangement for the profits. 

Regardless of how you feel in the moment, it is important to focus your attention on what will be best for you long into the future. If you retain the home, you will need to consider your financial capabilities and whether you can manage the expenses of home ownership on one income. If you are unsure of what you should do, you will benefit from seeking professional guidance as you move forward.