Getting divorced can be a devastating time. There are so many things to deal with, and one of the hardest decisions can involve what happens to the marital home. There are three main options when it comes to what happens next.
One option is to sell the home and split the profit, if there is any. At this point you should take into account any fees, loans or anything else that needs to be paid out before you take your share of any monies. This is probably the most sensible option if you need a clean break. If the marriage ended badly for any reason then having a shared home to deal with afterwards is not a good idea, no matter how painful it may be to move out.
If either of you are in a position to do so, one of you may wish to stay in the home and buy the other persons share of it. If this is the case then you should get an independent valuation and then discuss a fair price. Take some time to think about the money involved before you sign anything. Do not make any rash decisions that you might live to regret. You have to consider your situation going forward and make the fairest agreement for both of you.
And finally, if there are children involved, one of you may remain in the home so that the children do not have to move. There can be many reasons for this. Proximity to school, friends and family are all major concerns for most of us. Your support network can be a difficult thing to lose and sometimes the upheaval involved is simply not an option. In this case one of you may choose to remain in the home until the youngest child is old enough to move out.
Of course, you could rent the house out but even an amicable separation can turn nasty when there are decisions to be made and costs incurred so it’s probably best to avoid it altogether. Above all remember to take your time and make sensible decisions that suit you both. If you are having trouble coming up with a solution, seek a mediator to help you reach a fair decision. The end of a marriage is likely to be an emotional time for all involved so think carefully about what you want before you make any decisions.