The house you shared during your marriage is likely one of the prized assets at stake in your divorce. At least, that’s how many people see it.
The truth is that it is just one of a number of assets whose total value need splitting. Before you stake everything on keeping the house, consider these things.
Is it your house or the bank’s?
If you still have a large mortgage, then the ticket value of your property does not nearly correlate to its value to you. You don’t want to sacrifice $100,000 of investments for a property currently worth $400,000, which you still owe $350,000 on.
What is best for the children?
If you share children, think about whom they will spend the most time living with. Let’s say the plan is for them to live primarily with you. Keeping the house could provide them with stability. However, if you would need to get a second job to afford the mortgage payments, it’s probably not in their best interests or yours.
Do you really want to keep the house?
Regardless of how important that house feels to you right now, your feelings toward it may change. How will you feel once the divorce is finalized? Will it bring back painful memories of them or prevent you from moving on with your life? Will you end up with unused rooms closed off and filled with dust? Would you be better off moving to a new place and making a fresh start?
Legal guidance when divorcing can help you make this and other crucial decisions. It will also help you protect your rights and work toward the outcomes you’re seeking.