The family home can be one of a couple’s most valuable assets. Thus, when a couple in Dublin divorces one of the big questions they face is what to do with the family home? Should they keep it or sell it?
Keeping the family home
Some couples will agree to continue owning the family home jointly post-divorce, especially if they have children that they want to continue raising in the family home. In this situation they may agree to keep the home until the children are grown and then sell it and split the equity. It is important if one spouse is keeping the home after the children are grown that they ensure they will be able to do so without child support or alimony.
Another option is “nesting.” In this situation, parents will take turns living in the family home with the children and will stay in a separate apartment when it is not their parenting time. This can provide stability to a child during a time of transition. However, it does involve a certain amount of cooperation between parents.
Selling the family home
Sometimes it simply makes more sense to sell the family home, especially if neither spouse is particularly interested in keeping it. If so, both spouses will have to agree on a sales price as well as who will pay for the mortgage, upkeep and improvements until the property sells. In addition, a spouse who is thinking of remarriage may want to start out fresh in a new home. Moreover, homeownership itself has certain costs and neither spouse may be willing to spend their income on a mortgage, taxes and upkeep that is part of homeownership, especially once child support ends and alimony runs out.
Ultimately, divorcing couples have a lot to think about when it comes to the family home and property division. Whether you choose to keep it or sell it, it is important to keep your future needs and abilities in mind before making such a big decision.