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To keep or not to keep: Divorce and the family home

If you are going through the end of a marriage, you may have concerns about how the outcome of the situation will impact your future. With a variety of difficult decisions to consider, divorce can seem a stressful and daunting process, and you could be feeling somewhat overwhelmed and in need of advice.

One of the areas that could be giving you cause for concern is the process of property distribution. While deciding which assets you feel are important to life moving forward, you could be wondering if you should pursue ownership of the family home.

Weighing your options concerning the family home

There are a variety of circumstances in which you may feel it is best to retain possession of the family home. However, before deciding on a path, it may be in your best interests to weigh each of the available options carefully, and some factors to consider may include:

  • Costs of upkeep: Before you decide to pursue ownership of a home, it may be advisable to become informed on the financial ramifications of maintaining the home, especially when transitioning from a two-person income to life on your own.
  • True value of the home: Prior to forming a strategy, it might be vital to have the home appraised, as knowing its true value could help you better prepare for negotiations.
  • Ability to negotiate: If you wish to keep the home, you may have to relinquish possession of other marital assets in exchange for sole possession or negotiate a buy-out.
  • Potential benefits of selling: In some cases, it might be best to simply sell the home and split the proceeds. Although your house may hold a certain level of sentimental value, an outright sale could help shift your focus toward moving on and entering a new chapter in life.

Since a significant portion of a couple's wealth is often tied up in the family home, reaching a decision on how to handle this asset could prove challenging. For advice in better understanding each of the options available to you, it might be advisable to speak with someone who is knowledgeable in such matters.

Preparing for negotiations

Since the outcome of your divorce could have a significant impact on your life, going over each option carefully could prove invaluable. With the potential gravity of the situation, you might find it beneficial to consult with someone with experience in South Carolina state divorce laws. This type of guidance could help you become better prepared to make informed decisions regarding your future, which in turn could assist you in pursuing the most favorable outcome achievable during divorce proceedings.

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