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What To Do With The Family Home After Divorce

Posted by Unknown | Aug 30, 2020 | 0 Comments

what to do with the family home after divorce

If you have questions about "what to do with the family home after divorce", Drama-Free Divorce will provide you with expert advice. Kansas City residents can select plans starting at $500 per month. Our commitment to transparent pricing ensures no unexpected costs arise, and most often no court appearance is necessary, reducing stress and inconvenience associated with legal proceedings. Our team of highly qualified yet empathetic lawyers understands the emotional strain you are going through during this period in your life while offering professional yet compassionate support throughout.

Divorce can be an unsettling and distressful time in one's life, and many may wonder what should become of their family home after separation or divorce. We provide five options for managing it afterward and actionable steps to help make the process as painless as possible.

 

Who gets the house in a divorce?

Divorce can be emotionally taxing, and making the choice about who stays in the family house often poses challenges that are difficult to resolve. State laws and personal circumstances will influence this outcome. For this reason, it's often wise to work together toward reaching an agreement.

 

3 Things to Keep in Mind When Dividing Property During a Divorce

  • Equitable Distribution: Many state laws uphold the principle that property should be divided in an equitable, but not equal manner. Factors such as marital length and financial status of both spouses are taken into consideration as well as their contributions to maintaining the house or individual contributions made towards its ownership.
  • Marital vs. Separate Property: It's essential to understand the difference between marital and separate property. Separate assets generally remain with their owner after marriage.
  • Tax Implications: Before making your decision on who should receive the house, it's essential to consider its tax ramifications carefully as these can vary based on each specific case.

 

5 Options To Do With The Family Home After Divorce

  1. Sell the Home: Selling the home and splitting the proceeds can be an excellent way to start over, offering both parties an opportunity to start fresh.
  2. Buyout: One spouse may purchase the other's interest in the house if they wish to keep it, usually through refinancing to remove that person from your mortgage loan agreement.
  3. Co-ownership: Some divorced couples decide to remain co-owners and share expenses and responsibilities. This arrangement can be temporary or permanent.
  4. Rent Income: Renting out the family home can bring both parties to a mutually advantageous arrangement.
  5. Delayed Sale: Couples may decide to postpone the sale until a specific event takes place, like when children reach an age-related milestone or when the housing market improves.

 

Why is hiring a divorce attorney better than without an attorney?

Divorce proceedings can be complex, and having an experienced divorce attorney provides several advantages that make hiring one often preferable to managing it on your own:

  • Legal Expertise: Divorce attorneys possess extensive knowledge about divorce laws and can ensure you reach a fair agreement during the divorce proceedings.
  • Negotiation Skills: Our experts excel in helping you reach agreements that protect your interests through expert negotiations on your behalf.
  • Emotional Support: Hiring an attorney during this difficult period can provide vital emotional support.
  • Paperwork and Legal Procedures: Their services specialize in handling complex paperwork and legal procedures to reduce stress on your shoulders.
  • Objective Perspective: An attorney can offer an objective perspective, helping guide you through the process with clarity.

 

When is the time to hire an attorney?

As soon as you decide to divorce, hiring a legal expert should be your top priority. A legal representative can assist with identifying your rights, planning property division, and providing strategic advice that could save both parties time and effort during this stressful time.

 

What criteria exist to identify an effective legal representative?

When searching for an attorney to represent your divorce proceedings, keep the following criteria in mind:

  • Experience: When hiring an attorney to represent family law and divorce cases, make sure they possess extensive expertise.
  • Reputation: Read reviews and recommendations before hiring an attorney to make sure their reputation is sound.
  • Communication: Choose an attorney who keeps you well informed throughout the process.
  • Cost: Make sure the fees fit within your budget by discussing them ahead of time.

 

Why Consider Drama-Free Divorce:

At Drama-Free Divorce, we aim to meet every requirement: we boast years of experience, an outstanding reputation, clear communication, and competitive fees - everything you need for an efficient divorce process. We understand the emotional challenges you are enduring as part of this process and will ensure your best interests are always protected by our team of experts.

 

Suggested Action Steps

  • Consult an Attorney: Speak with a divorce attorney as early as possible in your journey for clarity regarding your rights and options.
  • Consider Financial Consequences: Before making decisions regarding the family home, be mindful of any financial ramifications.
  • Consider Mediation: When possible, seek mediation as the means for reaching a fair and amicable settlement between both parties involved.
  • Planning for the Future: No matter if you are selling, buying out, or renting the home - make a clear plan for its future use.
  • Emotional Support: Don't hesitate to seek emotional support through therapy or support groups during this difficult period.

Navigating the aftermath of divorce can be a challenging endeavor, but by knowing your options and seeking professional legal advice as well as taking tangible steps you can transition with confidence into your new chapter of life. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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