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What happens to the family home in a Fargo area divorce?

| Jul 13, 2020 | Family Law |

When a Fargo area couple gets married, they often believe their marriage will last forever. Sometimes this is the case but many times there are situations in which a divorce becomes imminent. A divorce is an emotional time for a person and one of the harder parts of it is property division. The family home and what happens to it in a divorce is something many people may wonder about.

Property division can be one of the most contentious issues in a divorce. For many couples, the family home is one of the greatest assets that a couple has together. Besides being worth a lot of money, the family home is also full of memories. It can be hard for a spouse and kids to leave the family home in a divorce because of the stability and memories attached to the house.

There are a few options a divorcing couple has in regards to the family home. One option is that one spouse buys out another spouse’s share of the home equity and keeps the house. Or the couple continues to own the house together and one spouse stays in the house with the kids until they are out of school. Or the couple can choose to sell the house and split the proceeds. If one spouse does decide to keep the house it is important that they are able to afford the mortgage payments, upkeep costs, and other costs that come with owning a home.

The family home is often the largest asset a Fargo area family owns. It also offers children stability and the ability to stay in the same schools and neighborhood. There are many different options for a couple to deal with the family home in divorce. An attorney who specializes in divorce can help explain these options to their client so that they are able to make an informed decision.

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