A marital home is often one of the most significant assets that a couple must handle during a divorce. Determining what to do regarding the home can become a matter of contention, perhaps especially if both want to keep it.
Several considerations should be addressed before deciding to fight for a marital home. If you’re divorcing, the following information may give you an indication of whether you can logically hang on to yours.
Financial implications
Financial feasibility is one of the first considerations when deciding whether to keep the marital home in a divorce. This includes evaluating whether you can afford the ongoing mortgage payments, property taxes, insurance and maintenance costs on a single income. You should also consider the cost of refinancing the mortgage into one name if necessary. Understanding your financial situation and future earning potential is crucial to ensuring that keeping the home won’t place undue financial strain on you.
Emotional attachment versus practicality
The marital home often holds significant emotional value. It’s essential to weigh these emotional attachments against practical considerations. Determine if the emotional benefits of staying home outweigh the financial and practical implications. Starting fresh in a new environment can sometimes help with healing and growth after a divorce.
Dividing assets and liabilities
Keeping the marital home will also affect the division of other marital assets and liabilities. You may need to negotiate other assets, like retirement accounts or vehicles, to retain home ownership. Consider the overall picture of asset distribution and whether keeping the home aligns with a fair and equitable division of assets.
Having someone on your side who can help you to evaluate the options available to you may be beneficial. They can work with you to determine how to proceed in a manner that’s in your best interests.