Pros And Cons For Dividing The Home In A Divorce

Among the most important decisions in a divorce is what to do with the family home. In addition to being a significant asset, it also holds sentimental value, especially if you have children. Understanding the various options for how to divide the home is important to make informed choices during this difficult time.

Option 1 – Sell It

• Pros: Opting to sell the family home can provide a clean break for both you and your ex-spouse, allowing you to move forward independently. It ensures an equitable division of assets and eliminates ongoing financial ties.

• Cons: Selling a residential property can be a lengthy and emotionally draining process. Disputes can arise over the listing price, timing of the sale, or distribution of proceeds. Market conditions can also impact the value of the home and the time that it sits on the market, potentially leading to disagreements about whether to accept offers that may be lower than what you were expecting. Additionally, once it’s sold you now have to each find a new place to live.

Option 2 – Buy Out Your Spouse

• Pros: If you or your spouse want to remain in the family home, you can choose to buy out the other spouse’s share. This option provides continuity, especially for children who may wish to stay in their familiar surroundings.

• Cons: Financing a buyout can be challenging, particularly if the buying spouse does not have immediate access to the necessary funds. It may require refinancing the mortgage, which can be a complex, expensive, and time-consuming process. Additionally, disagreements may arise over the value of the home and the terms of the buyout.

Option 3 – Share It (Nesting)

• Pros: Nesting is an alternative co-parenting arrangement in which you and your spouse alternate between the family home and another property while your children remain in the home. This can provide stability for children during a tumultuous time. It allows them to maintain a sense of normalcy and continuity.

• Cons: While nesting can be beneficial in the short term, it is often considered a temporary solution. Maintaining boundaries and moving on with your lives can be challenging for ex-spouses in a nesting arrangement. It requires significant cooperation and communication, which may not always be feasible.

While each option—selling, buying out, or nesting—has its own set of challenges, they also offer opportunities for closure, financial independence, and a fresh start. When considering these options, it’s essential to weigh the financial and emotional implications carefully.

For example, if you are agreeing to be bought out but your ex has asked for a year or more to complete the buyout, remaining on a mortgage for a home you’re not living in carries inherent risks, including potential default and loss of tax benefits. There should be a clear agreement in place regarding mortgage responsibilities, liabilities, and potential sale terms.

If you are considering nesting, it is important to assess whether this arrangement aligns with you and your spouse’s goals and aspirations. Will this arrangement hinder your ability to start dating again? Do you expect that your spouse will follow the rules you’ll have to have in place? Will you follow them? If the answer is no to either question, you can expect regular conflict. What effect will that have on your well-being and the children’s as well?

The question of what to do with the family home in a divorce can be overwhelming. It’s not just a matter of bricks and mortar—it’s about how invested you are in the home, both financially and emotionally. Ultimately, the decision about what to do with your home will depend on your unique circumstances, priorities, and financial considerations. Seeking guidance from an experienced attorney can help you explore your options thoroughly and make decisions that serve your family’s best interests both now and in the future.

Contact Vacca Family Law Group

At Vacca Family Law Group, we understand the complexity of navigating divorce, especially when it involves decisions about the family home. Our experienced attorneys can offer tailored advice to help you weigh your options and make informed decisions that will positively shape your future. To begin your divorce with confidence and clarity, contact us online or by calling (646) 798-4603 to schedule your free introductory call.

Vacca Family Law Group is located at One Grand Central Place, 60 E. 42nd St., Suite 764, New York, NY 10165.