In many divorces, the couple’s home is their biggest asset and a place they feel very attached to. When there are kids around, this is especially true. Because of these two things, it’s often hard to decide whether or not to sell something. So, what should you think about when deciding how to divide the house?
Getting your partner's share of the house and staying in it
Even if staying at home is the best choice for you, in the long run, please try not to let your feelings get in the way of making the decision. Make sure you have enough money to pay for a house and everything that goes with it.
For example, you may be able to pay your mortgage and insurance every month, but will you be able to handle the other, more expensive costs of owning a home, like fixing a roof that leaks or buying a new air conditioning system? If you want to keep the house, what do you have to give up? (For instance, you could refinance the loan, give up your rights to your spouse’s pension, or give up your rights to other marital assets so that your spouse can get an agreed-upon share of the equity.) Look at your finances honestly and decide what will be best for your family and your future finances.
Keeping the house as a joint property
Sometimes, both people agree to keep owning the house together without refinancing. Most of the time, this happens when the kids are in high school or when it would be best for them to stay in the same home and school until they finish high school. In these situations, one parent stays home with the kids while the other goes elsewhere.
Even though this might be a good idea, you should think about the risks and stress of still having to deal with your ex-spouse. Can you believe that your soon-to-be-ex-spouse will pay their share of the bills without you having to constantly fight about it? If you’re moving out, can you use your credit to get another loan or lease? Do you think your ex-spouse will keep the house in good shape and take care of it?
How to Take Care of Your Own Things in a Shared Home
Whether you stay or go, you and your partner will have to figure out how to divide the things you both own that are in the house. Instead of hiring lawyers, you can save money by making these decisions with your partner. No one knows more than you do what’s in the house and how much each person values it. Make a list of everything in your home and have each person write down the things they want to keep. Check to see what you can all agree on, and then take turns choosing things from that list. Remember that the cost of hiring a lawyer to help you with this part of the split will probably be more than the value of the things at stake.
Even though deciding where to live as a married couple may seem overwhelming, taking a step back and weighing the pros and cons of your options will help you make the thoughtful, well-thought-out choice you need to start a new part of your life.Do you have questions about what should happen to your house when you get a divorce? We can help. Set up the first meeting with one of our very experienced family law attorneys to get answers to your questions and a clear plan for your future. Call us right now at (646) 798-7756.
