Property division is one of the main components of going through a divorce. One of the most significant assets that is at the center of the process is the marital home. This can sometimes have an emotional pull, as well as financial implications.
There are several things that you should think about when you’re trying to determine what should happen with your marital home. These include:
Assessing affordability
Beyond mortgage payments, you must consider property taxes, maintenance and insurance. All of these will have to be paid solely on your income. There’s also the likelihood that you’ll have to obtain a mortgage only in your name, which may mean that the terms of the mortgage will change considerably.
Impact on asset division
Retaining the home may mean that you have to give up other assets, such as savings, investments or retirement funds, to balance the divorce settlement. Weighing the long-term financial impact is essential before you make that decision.
Emotional and practical considerations
Keeping your home may provide you with stability, but it may also have emotional impacts. You may prefer to start fresh in a new home that isn’t filled with memories of your marriage. Thinking about your children may also be necessary in these cases.
Remember that the marital home is only one part of the property division process. It’s critical to think about every aspect of the divorce to determine how each may impact you now and in the future. Working with someone familiar with this process and your situation may be helpful.