Homeownership is a source of pride, and you and your spouse may have spent years saving up for a home, purchasing one that is just right for you, and improving your home along the way. With so much tied up in the family home, it is easy to see why deciding what to do with it should you divorce can prove to be a very emotional situation.
Why do you want to keep the house?
People have a variety of reasons for wanting to keep the family home in a divorce. If you have primary custody of your child, you may be hesitant to move the child away from their familiar abode. You may feel you invested a lot of financial resources or sweat equity into a very valuable asset and you are hesitant to let it go. Or, you may simply have a lot of memories in your home, giving the home a lot of sentimental value.
Can you afford to keep the house?
It is tempting to hang on to a home that has so much value to you. And while you and your spouse may have combined financial resources, making homeownership easy during your marriage, can you afford homeownership on a single income once you divorce?
Keep in mind that you will have to pay the mortgage, and possibly buy out the other spouse’s share in the home. You will have to pay homeowner’s insurance and property taxes. And there are the inevitable repairs and upkeep that come with owning a home. Ask yourself, can you afford all of this on your post-divorce income?
Try to think pragmatically about the family home
If you are divorcing, it can help to look at the family home from a pragmatic point of view when it comes to property division in a divorce. The family home is a very financially and emotionally valuable asset. You may believe that fighting for it is the right thing to do, or you may decide that it is simply too costly to keep the family home and you are willing to let it go. Either way, you will want to make sure you determine what is best for you based on your specific circumstances.