Real estate is a primary concern for divorcing couples. Keeping the house is a common point of contention in property division.
You invested time and money into your home – it’s where you’ve created memories and established yourself among friends. However, before you fight over what’s yours, consider your financial interests.
Is keeping your real property feasible?
It’s natural to focus on immediate concerns once you decide to dissolve your marriage. Moving, which is stressful under any circumstances, may be exponentially more complicated when your family is falling apart. But that alone doesn’t mean keeping the house will benefit your future.
Take time to consider both your current and anticipated financial situation. Your standard of living might change after divorce, so you must budget according to your needs, rather than your wants. Weigh your income and assets against your expenses.
Determine the affordability of your matrimonial home. Is it a good long-term investment? Would the house make relinquishing another asset worthwhile? Can you refinance the home into your sole name as a Court would require? Will you be able to cover the mortgage payment, property tax, insurance, upkeep and utilities on your own, with enough left over for other expenses??
If not, perhaps the two of you should discuss other options such as:
- Sell the home and split the proceeds.
- Rent the home to a third party.
- Have one spouse buy the other spouse’s share in the home.
- Beyond what you hope for, the financial ramifications of your divorce must make sense.
If you go to divorce court, a judge will determine equitable property division terms. On the other hand, mediation would allow you and your ex greater input concerning the resolution of your disputes. It is possible to avoid litigation and collaborate on solutions that work for your unique situation.