The family home is often the largest asset in a divorce, and deciding what to do with it can be emotionally and financially taxing. Since the house remains an anchor for the family, you might be wondering if you really need to sell it right now.
While Massachusetts lacks a specific statute for deferred sale, you may delay the home sale for a specific period to maintain stability during your children’s school years.
Understanding equitable division and the marital home
In Massachusetts, the court has broad discretion to determine the equitable division of property. While the law aims for a fair distribution of assets, a judge may award one spouse exclusive use and possession of the marital home for a specified period.
This arrangement is not a deferred sale in a formal statutory sense, but rather a component of a comprehensive separation agreement or a court order designed to maintain stability during a child’s formative years.
Outlining the concept of a deferred sale
If you and your spouse decide to delay the sale of the home, the separation agreement must cover these factors:
- Conditions that trigger the eventual sale
- Instructions on who pays the mortgage, property taxes and insurance
- Guidelines on who handles the home’s maintenance and repairs
- Agreement on the distribution of proceeds later
Precision in these provisions is important to avoid future litigation.
Considering the court’s discretion
Even if both parents agree that staying in the home is best for the children, a Massachusetts Probate and Family Court judge must review the arrangement. Under state law, the judge evaluates several factors, including:
- The financial liabilities and needs of each spouse
- The opportunity for each spouse to acquire future assets and income
- The best interests of the children
The court will generally approve these arrangements unless the financial burden on the non-resident spouse is so severe that it prevents them from maintaining reasonable housing or meeting other legal obligations.
Weighing your options before deciding
Putting the best interests of your children first during divorce is the right thing to do. Although a deferred home sale may offer stability, this option comes with risks. Seeking legal advice can help you decide and work on an agreement that protects your family and assets.