One of the most significant assets in a divorce is the marital home. Deciding what to do with the family residence can be highly emotional, especially if there are children involved.
If you want to keep the house, you should make sure you are making the right decision and that it is in your best financial interests to do so. Below are a few considerations:
- Children. If you have young children that are still living at home, your divorce will be highly emotional for them. Being forced to move away from their home can add to their stress and the upheaval they are facing.
- Sentimental attachment. Most people are emotionally attached to their family home. However, sentimental value does not always equate to it being a smart financial decision to keep the house. It is important to examine your reasons for keeping the home. Is it out of spite or greed? If so, you should reconsider and think about what is the best for you and your family in the long run.
- Affordability. The most important question to ask yourself is whether you can afford to keep the marital home after the divorce. Many divorcees are not able to maintain the same lifestyle they did while married. You must consider not only the mortgage payment, but also whether you can afford the property taxes, maintenance expenses and other costs of having a house. Failure to think through these issues can lead to serious financial consequences. Remember, you must be able to afford the home in addition to all of your other financial obligations, including saving for retirement.
If you are trying to decide whether or not to fight for possession of the marital home in your divorce, let us help. We can examine your individual circumstances and finances. We will help you think through all of the various factors to consider, including what you can expect post-divorce. Don’t face difficult decisions like this alone. Let us walk you through the divorce process step by step and help ensure that you are making wise decisions along the way.