The financial aspects of divorce can cause contention for many divorcing couples in West Virginia. This is especially true when it comes to asset division and specifically deciding what to do with the family home. Even in a difficult situation, many people who are going through a divorce may have fond memories of the home, which can make it difficult to decide what to do with it. There are several options to consider when making this decision.
What are the options?
Some couples decide to sell the family home while others may choose for one party to keep it through a buyout or other negotiation. The right decision is based on many factors, many of which are financial concerns. If one party wants to keep the home, it’s important that they understand the responsibilities that will come along with maintaining it alone. In some cases, it’s simply not a sound financial decision for either party to keep the home.
Selling the family home can benefit both parties. But if there are children involved, parents may want to keep the home to provide stability for the kids when so many other things are changing. Some divorcees choose to co-own the home with the option to sell later. This can work, but it’s important that all terms are worked out legally and put into writing to prevent future issues.
Understanding the legal side of property division
Deciding what to do with the family home and other assets can cause a lot of tension in an already stressful situation. For many couples, the home is one of their most valuable assets. Couples may choose to sell the home and divide the assets, to co-own the home, or for one party to keep the home. These decisions are best made when one is knowledgeable of West Virginia divorce laws and working with an experienced family law attorney.
