When you are getting divorced, the family home is one of your assets that you will have to make a decision about. Whether you and your spouse have been together for 1 year or 10 years, the mortgage, equity, and living situation will have to be taken into consideration. Because of his strong financial background, divorce lawyer Brian A Grady, can help you determine what is best for your family and your future.
What decisions do I have to make about the family home
Getting divorced forces you to ask yourself a lot of questions about what you want and what is best for your family and your future. You want to put yourself in the best situation you can. In order to determine what is best for your family home, you may want to consider the following:
- What is best for my children? Is it better for them to remain in the family home or get a fresh start?
- A big factor here is what your kids would like. If it will be easier for them because they don’t have to move, you need to take that into consideration. Since there is so much change happening with divorce, staying in the same school district with the same peer group, may be a source of stability they will want.
- In addition, since you and your former partner know the school system and the area, it may be easier to co parent and make informed decisions together. If the kids are moved to a new area where only one parent is familiar, informed discussions may be more challenging.
- What is best for me? Do I want to continue to live in the family home?
- If the family home was a source of ongoing strife in your marriage, continuing to live in that home may not be the best for your mental or emotional health. Nobody wants to be reminded of the time ‘x’ happened in the living room or relive an argument around every corner. Make sure you take a step back and determine if you would really be happy living there.
- Do they want to live in the family home?
- If your partner wants to continue to live in the family home, you need to determine if you are comfortable with that arrangement. This isn’t the time to get petty or make a decision out of spite, especially if there are children involved. If they want to reside in the family home and you don’t, it should be easy for your attorneys to factor that into any financial agreements in the divorce.
- If both of you want to continue to live in the family home and you can’t decide on what should be done, your attorneys will be able to negotiate and ensure the best outcome happens for everyone. Divorce lawyer Brian A Grady is focused on ensuring his clients’ families and financial futures are protected.
- Will it be better or worse for us, financially, to sell the family home?
- You may determine that it is better to sell the family home to put you on stronger financial footing. Again, that is something that will be factored into the divorce proceedings and your attorney should make sure your financial future is secure.
When getting a divorce, consider whether it is best for your children to stay in the family home. You should also determine if staying in the family home is best for you. Looking at the financial impacts of keeping or selling the home is also important.
Once you have wrapped your head around the wants and needs of you and your family, you and your partner and your attorneys will craft an agreement that reflects your wants and needs. And, divorce lawyer Brian A Grady will ensure your family, your finances, and your future are protected.
Other considerations will be made when it comes to the family home and divorce
Although every situation is unique, there are some common considerations made related to the marital home in all divorces.
- Is the home marital property? If you bought the house together after getting married, it is. This means you both have a right to it. This is usually the case with married couples, but there are cases where one person owns the home outright.
- Is your home mentioned in a prenuptial agreement? If you signed a prenup and it addressed what would happen with the marital home, you may be bound by that agreement. Prenups that are done correctly can be difficult to overturn, even if you want a different outcome now.
- Do you have any assets of a similar value? If you have a summer home or cabin that is worth the same amount, it is likely (and quicker) to split the assets up.
- Can you afford it alone? Keeping a joint mortgage after divorce is typically not a wise move. You need to get a new mortgage, if you keep the house, that is in your name. You need to determine if you can get that mortgage and afford the costs of home ownership on your own.
Divorce lawyer Brian A Grady will help you determine what is best when it comes to your family home
Whether you decide you want to stay or sell the family home, you will need an experienced attorney to help you. In Kane County Illinois, divorce lawyer Brian A Grady has ensured that countless clients’ needs were met in regards to the family home.
