For most couples, their home is their biggest asset. When they divorce, the fate of the marital home might be in question. You must take into account many practicalities before deciding what to do with the marital home.
The emotional tie to the marital home might be great but you can’t let that influence your decision about how to handle it in divorce. Think about these points if you’re considering fighting to keep the marital home.
Can you afford the home?
After your divorce, you’re going to have to pay all your bills yourself. You have to think about whether you’ll be able to cover all the costs associated with the marital home. That includes the mortgage, but there are other expenses to think about. You’ll need to pay for upkeep and repairs, insurance and taxes.
Would you be better off with other assets?
If you forgo keeping the marital home, you will likely be able to walk away with other assets. Think about whether those other assets would enable you to live the life you want going forward. In some cases, the other assets may be liquidated so you can get a home that better suits your lifestyle and needs.
Anyone who’s going through a divorce needs to learn their options for each facet of the split. This includes considering what’s possible during the property division phase. Working with someone to determine what’s in your best interests might help you feel more in control and less stressed.