Property division is often one of the most contested issues a couple will navigate during their divorce. In addition to dividing shared accounts and other types of property, one or both spouses may have concerns about what will happen to the family home. This is one of the most important assets, and it could be a subject of contention. It will be helpful for a Virginia spouse facing divorce to know what could happen to the family home and how they can protect their property rights.
Stay or leave, sell or keep
It is common for one or both spouses to want to remain in the home. However, this is not always possible or wise. The couple could have a significant portion of the equity in the home, and it is critical that each spouse receive his or her fair share if the home is marital property. In some cases, it is possible for a couple to decide on their own which one will keep the home, or whether it is best to sell the home and split the proceeds.
If the court will make the final decision regarding what will happen to the home, it will take several factors into consideration. Which spouse paid for the home and which one will have primary custody of the children could also be important factors. Each spouse has the right to seek his or her preferred outcome.
Fighting for a fair outcome
The decisions one makes during a divorce will affect that individual for years to come. It may be helpful to speak with an experienced Virginia attorney regarding property division concerns. The ultimate goal for a spouse should be his or her long-term financial stability and security.