A divorce brings about many life changes for West Virginia residents. Some of these changes are financial and involve the division of marital property. For many couples, the family home is one of the most valuable marital assets. Because of the value, and the emotional attachments to the house, deciding who receives the family home after a divorce can be challenging.
Dividing property in an equitable manner
When a couple decides to divorce, the process of dividing their assets, which include the family home, can prove difficult, even in the most amicable situation. There are several options a couple can consider when deciding who gets the home. Choosing the right option isn’t always easy and it’s important to carefully consider all options, especially if there are children still living at home.
Some couples choose to sell the home and split the proceeds. This can work well in situations where neither party wants the financial responsibility of owning the home alone. Other couples may choose for one party to buy out the other party, which can be a good option if there are minor children and the parents want them to be able to live at least part-time in a home they’re familiar with. Another option is co-ownership, with the option to sell the home later.
Seek legal advice when considering divorce
Divorce includes many complicated matters that often must be worked out in court. Even under the best circumstances, those in West Virginia considering divorce should seek legal advice from someone who knows the laws in the state. Dividing assets, dealing with child custody arrangements, and settling other matters can feel much easier when one has an experienced family law attorney in their corner.