Divorce is a difficult process to go through, and there are a lot of tough decisions to make. One is whether you should try to hold on to the family home.
There are several factors to consider before you can decide whether it’s the right choice for you.
The pros and cons
There are several advantages to keeping the family home, such as:
- If you have children, the house provides stability and familiarity. They are already dealing with the emotional impact of the divorce, and staying in their home can give them a sense of security.
- It may be an excellent long-term investment. With a strong housing market, you might be able to build equity over time.
- You avoid the hassle of moving and the associated costs.
- You have an emotional attachment to the house.
While there are several benefits to holding onto the family home, there are some drawbacks, including:
- The financial burden of mortgage payments, property taxes, insurance, and maintenance costs may be too much for a single income.
- Living in the house you once shared with your ex-spouse can bring up painful memories and make it more difficult to move on.
- The buyout process can be complicated and may require re-financing or negotiating on other assets.
Before deciding to keep the marital home, you should discuss it with someone who can review your legal options and protect your rights. While it may be the singular most valuable item you own together, it’s crucial to look at the overall picture.