Dividing assets without children is hard enough, but when you have children, that makes it even harder to decide what to do with your family home. In some situations, financial considerations make the decision for you: some families have to sell the house because the other spouse can’t afford to buy them out, or they both need the funds.
What should you do when one or both of you can afford to keep the family home? Here are some factors to consider.
Emotional considerations
Children are often very attached to their family home, and having to move away can be upsetting—especially when their family structure is changing, too. If it’s possible for one parent to keep the home, it can also ensure that they get to stay in the same friends and social circles while staying in familiar surroundings.
Financial stability
Emotional stability is important, but the financial stability of both parents is also crucial. If one of you keeps the house, will the other be able to afford purchasing or renting a new home? Will they be able to live nearby? Will the parent keeping the home be able to maintain it at their current income level?
Parenting and custody arrangements
Finally, consider how you’ll be sharing childcare and custody arrangements. Typically, one or both parents move out and live separately, but options like “bird’s nest” custody (where both parents maintain separate residences for noncustodial time, while the children live in the family home full-time) may be a good option if it’s affordable. Similarly, if one or both parents cannot afford to live in the same area, it may not be practical for sharing parenting time.
Honoring your children while you divorce can be tough. The compassionate divorce lawyers at Appelhof, Pfeifer & Hart, P.A. in St. Paul, MN can help you decide which arrangements are right for your family.
