One of the biggest assets that many couples own is their home. When the couples opt to divorce, the question about who gets to keep the house is one that is central to the property division process. It is important that you think carefully about what it means to keep the marital home. Once you think about these important points, you might find that keeping the house isn’t all it’s cracked up to be.
One of the most important considerations when you are trying to figure out if you want to push to keep the marital house is whether you will be able to afford the mortgage payment or not. If you can’t comfortably afford the mortgage payment on your income alone, it might be best for you to let the house go.
Another consideration is whether you will be able to afford the upkeep and other bills of the house or not. This includes the property tax bill, insurance, utilities and other similar bills. It also includes covering regular maintenance or repair work when the need for those come up.
Some people might think that if they get the house, they can work out all the finer details later. You should think about whether having the house is worth the stress that would come with trying to make ends meet or not. If the answer is trending more toward the “not” side, you might want to think about letting your ex have the house or selling it.
The property division process is the time when you can try to get what you need to start your new life out on the right foot. Think carefully about each asset or debt that you and your ex have so you can decide how they might affect the process.
Source: The Huffington Post, “Keeping The House After Divorce,” Kathleen B. Connell, accessed July 21, 2016