For many homeowners, the family home is a source of pride as well as a place where memories are built. You worked hard to make your house warm and inviting, and you may have spent years raising your family and watching your children grow up there. If you and your spouse decide to divorce, deciding what to do with the family home you both love can be a difficult decision. Consider the following options:

Homeownership by One Spouse

In many circumstances, one spouse will keep the family home, especially if they have primary custody of the children. If this is the case, the home's value must be determined so that the spouse who wants to maintain the house can buy out the other spouse's part. If the spouses have a significant mortgage that still needs to be paid, they may be forced to accept a lower settlement. In addition, the spouse who keeps the house must have sufficient income to meet the other expenditures of homeownership, such as utilities and maintenance. This demands an understanding of your financial situation. Keeping the family home, on the other hand, can give stability for the spouse and children who live there.

Homeownership by Both Spouses

Even if only one spouse lives in the house, in certain cases both spouses will maintain it together. When market circumstances aren't ideal at the time of divorce, spouses may want to wait until the market improves for sellers. Even if neither spouse lives in the house, they will have to agree on how to pay for the costs of homeownership if they both want to keep it.

Both Spouses Agree To Sell the House

If neither spouse can afford to keep the family home, they may decide to sell it and divide the profits. For this option to succeed, the spouses must agree on a sales price. They'll also have to figure out who would cover what costs on the house until it's sold. However, selling the family house gives both couples a clean break from one another, allowing them to start over on new ground.

In the event of a divorce, spouses should evaluate a variety of options when it comes to the family home. Each spouse should contact a Miami family law lawyer to better familiarize themselves with their rights and the property division process so that they may make educated decisions during their divorce.

To learn more about how a Miami FL divorce attorney from Rafool, PLLC may be able to help you with your divorce, visit us online.