Getting divorced in Louisiana can be a long and stressful process. One of the most significant stressors is deciding what to do with the family home, especially if you have children. The family home is filled with memories; thus, choosing what to do with it can be fraught with many emotions.
Three options for your family home
Family law experts generally recommend three solutions: sell the house, have one spouse buy out the other or continue to co-own the house. All options have pros and cons. What works best for you depends on your financial situation and the relationship you will have with your ex-spouse when the divorce is final.
Selling the family home is the most common option. It provides a clean break and has potential tax benefits for both spouses. It may also give you the capital you need. This option may have the most significant negative impact on your children, however.
Selling the home to the other spouse provides minimal disruption for the children and can avoid selling costs. However, getting a new mortgage may prove difficult.
Continuing to co-own the house is possible if the divorce is amicable. This option is appealing if the market is not suitable for sellers.
Exploring your options
As with many other areas of the end of a marriage, rushing into a decision about what to do with your home is unwise, as you may regret your decision later. Take the time to educate yourself on the pros and cons of various options to see which is the most practical.
Keeping the house by co-owning it or selling it to the other spouse can provide some creative co-parenting options. If possible, you can even enlist your children’s opinions on what they feel is the best solution for them.