When you decide to go through a divorce, you have to work on dividing all the property that you acquired in the marriage. This includes the marital home, which is often one of the largest assets that’s present.
If you want to keep the marital home, you must take the time to ensure that it’s in your best interests. These two factors commonly affect the outcome of the decision.
Budgetary considerations
One of the primary considerations that you must factor into this decision is how keeping the home will impact your budget. You won’t have your ex’s income to help with the bills, so you need to ensure you can pay for everything on your own. This includes the mortgage, which may have to be refinanced. Be sure to include maintenance, upkeep, property taxes, insurance and other house-related expenses.
Emotional rollercoaster
Some people want to hold onto the marital home because they have an emotional tie to it. While it’s possible that the joy you experienced in the home while you were married, there’s also a chance that you will embark on an emotional rollercoaster when the divorce happens. Things in the home that once made you happy may suddenly trigger negative emotions.
Ultimately, you must ensure that the decisions you made about the property division process are made from a logical standpoint. Letting emotions rule can lead you to making decisions that aren’t actually in your best interests. It may be beneficial to work with someone familiar with these situations so they can provide you with information that you’ll find useful.
