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How to handle the family home during property division

When a Massachusetts couple goes through a divorce, one of their primary concerns is what to do with their family home. This common property division topic is one that can be resolved in a number of different ways, but most couples will elect to either sell the home and divide the proceeds, or for one partner to keep the property in the divorce. Both options have pros and cons, and couples need to find a solution that works for their specific set of needs.

Selling the home and dividing the proceeds is perhaps the more simple option. It allows both spouses a chance to walk away from the divorce with a share of the equity from the home. It also gives both a sense of having a fresh start. However, depending on market conditions, selling the family home can be a lengthy process.

Other couples will decide that one spouse should retain the home, and buy out the other person's interest. In order to do so, however, the party that will keep the home must secure financing that will cover the cost of buying out his or her spouse. That can come in the form of a mortgage, a home equity loan or other type of lending product. In some cases, the person who will keep the home will simply cede a greater share of other assets to cover the cost.

No matter which choice a Massachusetts couple makes, it is important that both spouses are fully informed of the ramifications of their decision. The outcome of property division choices can have a lasting impact on each spouse's bottom line. In regard to how to handle the family home during a divorce, each available options has a unique set of pros and cons.

Source: marketwatch.com, "What to do about your home in a divorce", Shawn Leamon, March 11, 2017

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