Aside from being a special place for the family, the marital home is also the major family asset in most cases. Therefore, it is no surprise that when a family breaks, the home becomes the central part of a divorce settlement. Whether for monetary or sentimental reasons, a great number of couples find it heartbreaking and difficult to disperse the marital home. However, understanding the different options available, a couple can make a decision that is best for their specific situation.
Below is a look at the various home options open to divorcing couples.
Transferring The Property To One Spouse
Whether for convenience, sentimental reasons, or simply to avoid the hassle of moving, a spouse who wants to keep the marital home can do so if the other party agrees to it. Agreeing amicably for one spouse to keep the home is the best route to take when couples take up this marital home option. However, if an agreement cannot be reached and the matter makes it to court, there is a high possibility of the judge rewarding ownership of the home to the spouse who gets the custody of the children.
Before deciding to take on the marital home, the interested spouse should first consider the future financial effects of such a decision. There will be property taxes to pay, house bills to make, and maintenance and repair costs to cover. For the spouse to make the right decision, objectivity is very important, hence the importance of hiring family solicitors Aberdeen to help in making the decision.
Selling The Home
Selling the home is an ideal option when neither spouse is interested in keeping the home or when it is difficult or impossible for one spouse to maintain the house on his/her own. It is also a good choice for couples who cannot seem to agree on who gets to keep the home. Once the home is sold, the couple can divide the proceeds equally, and buy or rent their individual new homes. With this option, it can take a while for the home to be sold; therefore, both parties should be willing to patiently wait for the sale of the house.
Co-owning The Home
The choice of continuing to co-own the home is mostly made by couples who have children whom they do not want to remove from their home. For this option to be successful, both couples must sign an agreement that clearly stipulates who gets to live in the house, and the financial responsibility of each spouse towards the home.
One Spouse Buying Out The Other
Finally, divorcing couples can explore the possibility of one spouse buying out the shares of the other, when deciding on what to do with the marital home. When court is not an option for the divorcing couple, this option is the solution to a problem whereby one spouse wants to keep the home and the other party is not willing to let go of the home without getting something in exchange. To acquire funds for buying the shares, the interested spouse can either take on a new mortgage or sell some of the possessions acquired after the division of other marital assets.
Maisie Davis is a legal secretary who has dedicated her spare time to writing legal related articles that offer information, advice, and tips on a variety of topics. She has closely worked with family solicitors Aberdeen from this site, and highly recommends them to anyone facing legal family issues.