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What happens to the family home after divorce?

On Behalf of | Dec 6, 2023 | DIVORCE - Divorce |

When couples divorce in Alaska, dividing the assets can often lead to challenging negotiations. This is especially true with valuable assets like the family home. Not only does the home hold financial value, but it may also remind the couple of happier times, making letting go very emotional. Deciding what to do with the home is an important part of finalizing the asset division process and moving forward. There are several options couples have when deciding what to do with the home.

Should the house be sold?

The most obvious solution for many couples is to simply sell the house and split the proceeds. This isn’t the only option though. In some cases, one party may buy out the other, leaving the remaining party with the family home to live in or otherwise do with as they wish. This can be a good option for couples with minor children so the kids can stay in familiar territory at least part-time.

Another option is for the divorcing couple to remain as co-owners of the home. They may choose to rent the home out or one party may remain in the home, making financial adjustments as needed. This can be a good option for couples who split amicably but may not be ideal in contentious situations.

Where to turn for help

It’s not uncommon for one to worry about making the right financial decisions during divorce negotiations. Alaskans who are going through a divorce can benefit from working with an experienced attorney. An attorney can offer guidance to help a client make the right decisions when it comes to the family home and other assets.