A house is a repository of your married life’s precious memories and milestones. However, it also holds painful reminders of how your relationship disintegrated into a divorce.
Aside from its sentimental value, a house may be one of the significant assets that you and your soon-to-be ex own. Thus, determining who gets it is often not cut and dry, and entails financial implications for both of you.
When negotiations fail to resolve property disputes, Vermont courts typically intervene. As an equitable distribution state, the judge will likely weigh numerous factors to establish a property settlement. The ruling does not necessarily mean equally dividing everything in the middle, but what the judge deems to be fair.
Conversely, you can set aside your differences to reach a workable agreement without going to court. You can choose to:
- Sell: Split the profit, which you can use to cover expenses, liabilities or future purchases.
- Share: Co-own, which involves making clear arrangements on how to pay the mortgage and other upkeep concerns.
- Strategize: Buy out the less stable spouse, which means either of you who can afford to continue staying in and maintaining the house can pay the other for their equity.
These options require a thorough assessment before finalizing a decision. More than personal preferences, the decision-making process also overlaps with other pressing divorce issues that must always uphold your child’s best interests. For example, jointly owning the house may be ideal for some divorcing couples to provide a sense of stability in the child’s environment until they reach maturity when they can make reasonable judgment calls.
Consider a qualified lawyer
There is no perfect approach when figuring out a way that can cater to your family’s unique circumstances. However, seeking a qualified legal representative can help you do what is best for you. They can examine your situation and devise a favorable course of action to protect your long-term goals and your child’s future.