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Tips for handling the family home during divorce

On Behalf of | Jan 15, 2021 | Divorce

When people begin the divorce process in Virginia, they may naturally worry about how to approach the financial aspect of the divorce. Specifically, they may be concerned about what to do with the family home. Here are a few pointers for addressing the marital home during the property division process in a divorce proceeding.

Two divorcing individuals may choose to simply sell their family home and then split the profits of the sale. However, what happens if one party wishes to keep the family home? In this situation, he or she might be able to buy out his or her future ex-spouse.

However, before simply jumping to try to keep the family home, divorcing individuals may want to consider the values of their other assets as well. For instance, how much do they have in their savings accounts, and what are their pensions worth? These assets may be quite lucrative down the road, so it may behoove a divorcing individual to keep these in lieu of a real estate asset.

Factoring in the values of savings accounts and pensions is just as important as considering the value of the marital home during the divorce negotiation process. Fortunately, an attorney in Virginia can help divorcing individuals to look at the big picture and pursue favorable property division outcomes in light of the circumstances surrounding their cases. The attorney’s chief goal is to help his or her client to achieve a comprehensive and fair settlement with the other party outside of court or, if necessary, to seek a just outcome at divorce trial.

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