Divorce and Children – What Happens to the Family Home?

When Boca Raton parents are considering divorce and children matters, they must take into account how decisions can impact their children.  One important consideration of issues involving divorce and children in Boca Raton is how to deal with the family home.  Some options include:

One Spouse Keeps the Home

Sometimes the parents believe that the parent with more custodial time should keep the family home.  This may be an emotionally-driven decision because the parents may feel guilty about the kids losing access to both parents at the same time as well as to a home where they may have grown up.  Before making this decision, each spouse should consider the financial implications of this decision and whether the spouse who would retain the home would be able to afford to pay the mortgage and the upkeep on the home.  If one spouse does keep the home, the easiest way to accomplish this is usually by refinancing the mortgage in the new owner’s name alone so that the other spouse is removed from liability associated with the home.

Both Spouses Keep the Home

Another arrangement may be for the spouses to keep the mortgage as is.  Both spouses may remain liable on it and the spouses may use a creative way of handling the home, such as taking alternating seasons to live in the home so that the children stay in the same place and the parents alternate their own time.  The spouses may not be able to refinance the home or may simply wish to hold onto the investment.  They may also rent out the home and use the income to help offset spousal support obligations.

Sell the Home

Although it may be an emotionally difficult decision, sometimes the best option is to sell the home.  The parties can split the proceeds equitably and use these funds to start their new lives.  A financial expert can help provide clarity on the options available to the spouses and provide a recommendation on how to treat this important decision.