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Factors To Consider Regarding The Family Home During A Divorce

On Behalf of | Mar 31, 2023 | Divorce |

It might be no surprise that preparing to divide marital wealth can be one of the most intimidating aspects of dissolving a marriage. However, it might not always be easy to tell how difficult it can be to make informed decisions about assets that may hold more than mere financial value, such as the family home. 

Although your home could hold significant sentimental worth, pursuing ownership of this asset might not be the best path in every situation. There may be numerous factors to address regarding the family home, each of which could influence the decisions you make while preparing a strategy that focuses on your future needs. 

Essential factors 

Knowing some essential factors to address regarding a home may be essential to helping you prepare to make informed choices about your future. Some examples of these factors might include: 

  • Asset value: One of the first steps to take could involve obtaining the proper value of the home. This could provide you with insight on what is at stake as you work on creating a strategy for negotiations. 
  • Property upkeep: Knowing the possible costs involved with upkeep of the property and any monthly expenses associated with ownership may be integral to determining whether keeping the home is financially feasible. 
  • Costs of ownership: It could also be vital to consider whether you might be able to buy out the other party’s interests in the home or if it might be necessary to give up ownership of other marital assets in exchange.  
  • Financial future: Addressing how a change from a two-party income to life on your own might affect your financial well-being may also be vital to determining if pursuing ownership of the home is a viable option. 

Addressing topics like the process of refinancing or obtaining a new mortgage, and factors such as the possible tax ramifications involved, may also be integral to preparing for what comes next. 

Preserving your future interests 

Making decisions about how to handle the family home at the end of a marriage can seem a stressful and intimidating task. However, since this asset could play a significant role in the outcome of your situation, such an endeavor may also be integral to protecting your interests. Seeking advice on every topic to address and in carefully evaluating your options may prove vital to approaching the subsequent process with confidence by creating a strategy that aligns with what is most important to your future in Oregon. 

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