The better question is should you?
With so much change going on during the divorce process, it is no wonder that the HOUSE is so emotionally charged. Aside from the fact that their home is for most couples the largest asset, the house also represents emotional comfort, memories and stability. This often leads to an expensive and emotionally charged tug of war. Here’s three questions to ask yourself before you go to battle over the marital home.
1. Can you afford to keep the house?
Mortgage companies recommend that your housing expenses add up to no more than 30-36% of your total income. It may be that with taxes, insurance and maintenance costs, that is is not financially feasible for either party to keep the house. Keep in mind, that if you “get” the house and it has a mortgage, you will have to qualify to refinance the property in your name only, often at a less advantageous interest rate. Also, make sure you get good tax advice.
2.Can you physically maintain the home?
Can you keep up with maintaining and repairing the home should you get it in the divorce. Take a moment to list all the chores that you spouse does around the home. YOU solely will be responsible for these chores or hiring someone to do them.
3. Does your marital home fit into the new life you are creating for yourself?
Does your home bring back painful memories? Do you want to take that energy with you into your next life? Often, saying “yes” to one thing means saying “no” to others. Will the decision to keep the home make it difficult to have the time, money and energy to afford other things that you may like to do?
There are lots of things to consider when deciding on weather or not to keep the marital home. These decisions should be made with a cool, unemotional head and legal and financial guidance. Make sure that before you make any decision on the house, that you weigh all these factors.
Disclaimer: The information contained in this article is for general information purposes only. Nothing in this article is or should be considered legal advice. The information in this article is not intended to create an attorney-client relationship, and viewing or receipt of information from this article does not create an attorney-client relationship.