The marital home is often one of the largest assets that individuals have to handle when they’re going through a divorce. For many people, the marital home is more than just a piece of property. It’s a significant financial investment that holds years of memories.
If you’re considering trying to keep the marital home when you go through a divorce, you need to take a step back and think about the situation from a logical point of view. It’s easy to let emotions rule, but that could be detrimental in these cases.
Can you afford to keep it on your own?
One of the first things to evaluate is whether keeping the home is financially realistic because it means more than just covering the mortgage, which might have to be refinanced. Property taxes, insurance, utilities and maintenance can quickly add up. Look at your single income and determine if you can comfortably cover those and still keep up with other expenses.
How does it fit into the bigger picture of asset division?
Keeping the marital home might mean giving up other valuable assets, such as retirement accounts or investment portfolios. Property division aims to be equitable, so holding onto the house may come with trade-offs. It’s important to weigh whether keeping the home aligns with your overall financial priorities and future needs.
Divorce is a time when you have to protect your own interests. This could mean that you need to work with someone who can assist you with evaluating the options and determining what meets your needs.
