Getting to keep the family home is seen as an important goal for many people in a divorce. Others might encourage them to fight tooth and nail for it.
Sometimes getting to keep the family home is a goal worth pursuing, but sometimes you are far better off letting it go.
Maintain a broad view of things
You should not view your house in isolation, as this is not how courts will see it if called upon to rule on property division in a divorce. They’ll take a much broader view of things, considering the total value of all assets at stake. If a judge rules that you should keep the house, they’ll be making it up to your spouse in some other way through other assets.
What if you want the house?
If you are certain you are happy about trading other assets to keep the house, there are a few further points to bear in mind.
Firstly, can you afford it? The upkeep of a house and the mortgage payments can often consume a substantial chunk of two people’s incomes, let alone one person’s. If you fail to keep up with maintenance, the property will lose value. If you fail to keep up with the mortgage, you could lose the house. Even if you can afford it, you need to consider what you might have to sacrifice to do so. For some people, retaining the house will mean they never have any money to go out, go on vacation or buy good quality groceries. For others, it might prohibit the plans they had to start a business or pay for their child’s education.
Keeping the place you live can certainly be a worthy goal for some people, but you might want guidance to learn more about how divorce and the property division process will work, to examine whether it is the correct goal for you.