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Know your options for dividing a home in divorce

As you go through the divorce process, you may have major concerns about who will get the family home. This is particularly true if you have at least one child with the other person and you want him or her to have stability.

What happens next depends on many factors, including whether or not you and your spouse are working through your differences in mediation. With this approach, you have more control over what happens, which includes the division of property.

Here are some of the many options for dividing the family home in divorce:

  • Sell the home and split the profit. This is a common solution as it works out well for both sides. Of course, there are times when one person may want to stay in the home, such as if they will have physical custody of a child.
  • Buy out your ex-spouse or have him or her buy you out. This is when one person pays the other for his or her portion of the home so that this individual can stay there.
  • Live together in the home after the divorce is finalized. This may sound like a bad idea, but it's something many people do. It's not the right choice for everyone, so you need to know what you are getting into.

These are your primary options if you need to divide a home in divorce. Since each one has a variety of pros and cons, you need to learn more so that you can make the right decision when the time comes.

It's never easy to decide how to divide the family home in the divorce process, but you may not have a choice. Learn more about these options, as well as your legal rights, so you're on the right track.

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