Earlier this year on our blog, we addressed the question of what happens to the marital home in a divorce. In that post, we noted that in most cases, one spouse either buys out the other’s share of the home, or the spouses agree to sell the home and divide the proceeds. However, you may be wondering whether these are the only options. Perhaps you find it hard to bear the thought of parting with your home at the moment, but you lack the financial resources to keep it on your own.
If you find yourself in a similar situation, it may be possible to come up with a more customized solution, especially if you and your spouse are willing to consider an alternative dispute resolution method like mediation or collaborative divorce. Here, we look at some of the more creative options for handling your home and living arrangements after a divorce.
Alternatives to Dividing the Marital Home in Divorce
In many divorce cases, children are the driving factor for seeking alternative arrangements for the family home. As a parent, it may be important for you to keep your children’s home lives as stable as possible as your family goes through such a monumental change. The location of your home may also be important for your children to continue attending the same school or to be close to their friends and other relatives. A couple of options that parents often consider include:
...