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Basic housing options in a divorce

Divorcing couples who are hoping to avoid making any costly mistakes during the process may want to know more about the housing options that may be available to them. When their principal residence is in Massachusetts, it could prove beneficial to consider the financial ramifications that are involved in the disposition of the house before arriving at any final decision.

Whether either party desires to continue living in the house following the divorce is a primary consideration. Although the emotional components of this choice are important, the financial implications of a decision to retain possession of the marital home could have far-reaching effects on the parties moving forward. Before deciding whether to stay or to go, each spouse may need to consider whether the new budget will support retention of the the principal residence, whether refinancing is possible and how much house can be purchased in the event that making a fresh start somewhere else is the preferred option.

After consideration of their new set of circumstances, many divorcing spouses may find that they have a number of basic housing options. These options include selling the house and splitting the proceeds, retaining joint ownership of the property, and having one spouse buy out the interest that the other has in the home. How feasible each option could ultimately prove to be is dependent upon the unique set of circumstances that surround each individual's situation.

Deciding what to do with the home is both an emotional and a financial choice, and this aspect of property division can often become contentious. If the couple is unable to come to an accord on their own, they may want to ask their respective attorneys to assist in negotiating a proper settlement. Mediation might also be an advisable option in some cases as well.

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