If you are aiming to keep your house during the divorce process, it is important to understand if it will be a burden or not. In some cases, it is best for both parties to let go of the marital home. Although it might have been practical for you and your spouse to manage its expenses during your marriage, it might not be feasible for one person to manage with a single income. Your beloved home might become such an encumbrance that you will end up having to let it go anyway.
Should You Keep the Home?
Many of us have a sentimental attachment to our home, especially if children are involved. You probably envisioned raising them there and the prospect of having to let it go is likely heartbreaking. Unfortunately, it might also be in their best interests for you to part with it.
Here are some reasons why it is not always a good idea to fight for the family home in a divorce:
- You cannot keep up with the payments: If your house payments, including real estate taxes, and insurance, are all more than a third of your income, you are going to end up in a bad situation. You might be able to pay for the expenses associated with your home, but will find yourself unable to buy groceries or new clothes. If you are buying out your spouse’s share of equity in the home, keep in mind you will also have to refinance it, which means your mortgage payments might also go up. Are you prepared for that?
- You will have to pay for more than just the taxes, mortgage, and insurance: You should also remember that maintaining a home will involve more than keeping up with the mortgage payments. You might need to buy new appliances, pay for repairs, and pay homeowner’s association fees. These can all be a major obstacle if your finances are already spread too thin.
- You might have to give up too much to keep it: To keep the home, you might end up having to trade other assets to keep your spouse’s share of the equity. Before you start eyeing your retirement assets, consider what you are giving up and if it is worth it. You might be better off holding onto your assets and selling the home or letting your spouse buy out your share of the equity.
Contact Our Asset Division Attorneys Today!
If you are in the process of getting a divorce, your assets will end up on the chopping block, including your home. Contact the experienced divorce team at Singleton Smith Law Offices, Inc. to ensure your property and assets are divided fairly. Our team has the knowledge and experience to protect your interests and guide you through this emotional and difficult time, so you can start a new chapter in your life.
Contact Singleton Smith Law Offices, Inc. at (951) 779-1610 to schedule a complimentary and confidential case review with a compassionate member of our divorce team.