Your house means a lot to you. It is more than property or a roof over your head; it is a symbol of status and stability. However, clinging to your home in the divorce process might be against your best interests and could cost more in the long run. Do not let your sentimental attachment to your home drive your decisions. Consult with your divorce attorney to determine what is best for your circumstances.
Why Keeping the House is Not Always the Best Choice
Regardless of what your house means to you, you must prioritize what is best for your life. Keeping the marital home might feel like a victory now, but it could end up putting you in a troublesome financial position later on.
Here are some of the reasons why it might not be wise to fight for the marital home:
- You cannot keep up with the payments: Buying a home was probably an easier decision to make when you had two incomes at your disposal, but you might not be able to keep up with the payments on your own. In addition to your mortgage payments, you will have to pay for home insurance and property taxes. If the total of these costs is more than a third of your income, you will experience some serious financial troubles. All of your income might go toward trying to keep the home, leaving you with hardly any money to take care of other living expenses.
- You might pay your spouse more than what you would if you sold the home: When you buy out your spouse’s share of the home, you will likely pay for the amount of equity he or she has in it and, unfortunately, this might be more than the actual value if you were to sell it.
- You will have to continue to maintain your home: Homes require maintenance and the cost of preserving a home can be rather substantial. If you need to fix the roof, replace major appliances, or fix the plumbing, these expenses can quickly rack up and you might not be financially equipped to handle it all. Even minor tasks, such as mowing the lawn or shoveling snow, can become a burden if you lack the time to do it yourself.
To know for certain if keeping the marital home is right for you, it is crucial to assess your financial situation. You are trying to start a new chapter in your life, so make sure you pave the smoothest possible path for yourself.
Schedule a Free Case Evaluation with an Experienced Divorce Attorney Today!
If you are getting a divorce and are unsure if keeping the marital home is in your best interests, reach out to the family law team at The King Law Firm for the exceptional legal guidance you need during this difficult time. We have the knowledge, insight, and experience you need to effectively dissolve your marriage while protecting your interests.
Contact our law firm today at (914) 752-5333 to schedule a free case evaluation.