Many people want to keep the house when they’re getting a divorce. It’s probably one of the biggest assets that they own, and it’s a big part of their life. This desire makes sense, and deciding how to divide assets can be complicated when one person wants the house.
Is this an important thing to focus on, and the valuable use of your time and energy? Let’s examine some of the pros and cons of deciding to keep the house.
The benefits of keeping the same home
If you have children, one of the main benefits of keeping the same house is that they feel like things are a bit more stable. Divorce can really change their lives in a lot of unexpected ways, but knowing that they get to live in the same home, in the same room, near the same friends – that can be very helpful for them.
Another reason to consider keeping the home is that you don’t have to try to figure out your living situation while you’re figuring out all the details of the divorce. You can focus more on things like child custody rights or dividing other assets. You’re not looking for an apartment or trying to find out what you can afford.
The downsides of keeping the house
One of the biggest downsides of trying to keep the house is simply that it’s a very valuable asset. If your spouse is entitled to half of the house, they’re going to want you to either buy them out or give them other assets with the same value. It could be that keeping the house means you take almost nothing else from the marriage.
If you still are paying a mortgage on the house, you also probably need to refinance. Your spouse is not going to want to be on the same mortgage after they become your ex. You have to apply for a new mortgage on your own, and there are also many other expenses that you have to consider, such as maintenance. Many people are surprised to find out how expensive a home is on one income.
What should you do?
What you decide to do depends on the unique specifics of your situation. Just be sure you know about all the options you have and exactly what steps you’ll need to take.
