Should you buy out your home after a divorce?

On Behalf of | Jan 7, 2021 | Divorce |

It seems that the ownership of a home is often one of the main focuses of a divorce case. Former couples in Virginia will attempt to find ways to keep their homes, but the fact is that it can be very difficult to own them outright. Due to the marital laws within many states, the home is likely to be split down the middle. Of course, there is the option of buying out your former spouse’s half, which would lead to total ownership. But is this really the right course of action? Read on to learn more about your options when it comes to obtaining the family home.

Sentimental value

During a divorce, it can seem like everything you’ve ever known is suddenly being taken away from you. This can cause a person to become overly emotional, which may cloud his or her judgment. Thus, it is important to stop and think about if owning the house is really worth the money or is it simply sentimental value.

Refinancing obstacle

One of the most common misconceptions people have when they choose to buy out their homes is that they are simply going to hand over the cash value of the other half. Although that is true, there is one more thing that tends to get in the way: refinancing. This means you would go through the entire loan and interview process once again. A portion of that process will be included in the divorce case.

When children are involved

It is important to think about your children’s lives when it comes to the family home. If giving up the house is the route you take, it may disrupt your children’s daily life. Divorce can be very difficult on children, and adding a move to that can really pack on the stress. In this case, it would make sense to buy out your ex’s half of the home.

As you can see from the information above, divorce is undoubtedly a very complicated and emotional process. Therefore, it is important to ensure you have the right legal team by your side to get a positive outcome for everybody.