If you own a home with your spouse, working out what to do with it can be one of the most fraught decisions you’ll have to make when pursuing a divorce. As most people’s homes represent a large chunk of their total assets, it’s something neither party may want to give up easily.
On top of that, homes can also hold value in so many other ways, from the garden you cultivated to the relationships you built with your neighbors or simply the ease of access it gives to your place of work.
Should you try to keep it or not? There is no one correct answer. Take a step back and look at it with some of the emotion removed. If you find that challenging, ask someone who knows nothing about your history with the property to weigh in. Questions they can help you consider include the following.
What is the true financial worth of the place?
It might not be as much as you think once you deduct the cost of any outstanding loans and any repairs needed to prevent it from depreciating. Keeping it will also come at the expense of other marital assets.
Can you afford it?
If you managed to keep the house, could you afford to run it and pay the mortgage? If so, at what cost? Would you still have plenty of cash for other things, or would you need to take on extra work and give up all social engagements just to pay the bills?
Do you really want to live there? Or do you just want a ‘win’’ over your spouse?
Imagine you keep the place. Will the house feel too big? Will the memories of your soon-to-be ex linger in the place for years to come? Is the market dropping, which could see you unable to ever move? In years to come, will you feel keeping the house was wise?
Learning more about all the options for a house in a divorce can help you make an informed decision as part of your overall strategy. Seeking legal guidance accordingly can be beneficial.