For financial, practical and emotional reasons, many Ohio readers want to keep his or her family home in a divorce. It is normal to want to do this, even in an amicable divorce, but it is not always practical to retain such a large and potentially expensive piece of property. For some people, the family home should be used as a negotiation tool or even sold to achieve financial stability.
With divorce comes many financial changes. People who once enjoyed a certain lifestyle may find that it is no longer practical to do so with just one income. In many cases, the tax implications of sole ownership of a valuable piece of property is simply not manageable. In litigation, some judges may even order a couple to sell the home.
The circumstances of a divorce differs on a case-by-case basis. A person should give careful consideration to every major decision that will impact his or her life during or after divorce, including the sale of a home. Thoughtful consideration and the counsel of an experienced legal ally can ensure that wise and practical decisions are made. The end of a marriage will have financial implications that will stretch into the future, long after the final order is approved.
Property division is one of the most hotly contested issues in a divorce. In negotiations, agreements should be made based on long-term interests, not revenge or emotional victories. If a person wishes to keep the family home or cannot decide if he or she should sell the property, a case evaluation with an Ohio family law attorney can provide a clear picture of available options.
Source: The Huffington Post, "Keep or Sell the Family Home During Divorce?", Nancy Kay, March 1, 2016