Divorce is never an easy decision. The decisions you make during the divorce can have lasting effects on both parties, especially regarding issues such as deciding who gets to keep the house.
If you’re on the fence about keeping or selling your home, here are a few things to consider.
The pros and cons of keeping the house in a divorce
Splitting spouses often face the question of who will keep the house in a divorce. While keeping the home can benefit those emotionally attached to it, some cons should be considered.
The main benefit is that it can provide kids stability amid the upheaval. There is also financial security to consider – owning property is an asset and can provide long-term advantages. It can also benefit one spouse who wishes to stay in the family home, giving them time to adjust and potentially get back on their feet without upending their entire life at once.
One potential downside is that if the home isn’t paid off when going into the divorce, one of the former partners will have to shoulder the mortgage and associated costs alone. This can be difficult if they don’t have an established sufficient budget or income.
Additionally, maintaining a certain lifestyle post-divorce may require downsizing to reduce expenses – making keeping the house less attractive or even impossible for some.
If you are considering a divorce, the decision of whether or not to keep the house can be a difficult one. Discuss your options with a legal representative who will ensure your rights are protected and that you will receive your fair share of the marital assets.