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Living in the family home after divorce

On Behalf of | Aug 26, 2022 | Divorce

Divorce negotiations involve several financial issues, including the possible sale and division of the family home. The latter might be the most valued possession of both spouses, but some may realize that selling the Indiana property is beneficial. Another divorcing couple may arrive at a different decision, as one spouse might prefer to keep and live in the house.

The family home and divorce negotiations

During settlement discussions, the two spouses may discuss who receives what assets and pays specific obligations. A home might be worth a substantial amount of money, making it the most valuable asset in many marriages. The home is often joint property owned by both spouses.

When weighing options about what to do with the home, both parties need to look at the positives and potential drawbacks. One spouse might find the home convenient to work and also near the children’s school. So, keeping the home might be a top priority.

However, a home comes with many costs, including maintenance, utilities, insurance, and more. If a newly divorced spouse cannot afford all the costs associated with the home, living at the property might not be viable. Still, reworking a budget may lead to making the house affordable.

Weighing options about the family home

If a spouse can fit a side job into a weekly schedule or increase income and revenue from other sources, the person might find the home affordable. So, keeping the property could be worth it for that spouse. The other spouse may be willing to negotiate equitable divorce terms, allowing the other spouse to keep the property.

One partner might seek spousal support payments during the settlement process. Spousal support may prove helpful when intending to pay the costs of a home.