Divorce requires spouses to make very difficult and often complex decisions. And when it comes to property division, determining what to do with the family home is one of the most challenging and contentious divorce issue to resolve.
To keep the home or not
A family home holds much sentimental value. This is often why one would want to keep it following a divorce; however, this often serves as the reason to vacate the home. Many memories can fill a home, making it something some spouses want to hold on while also causing others to avoid re-living these memories.
Reasons to stay in the home
There are various valid reasons to stay in the family home. To begin, if children are involved, maintaining the home could help avoid the issues and trauma the child could endure if they decide to sell the family home. But the children should not be the only reason when establishing whether to stay in the home or not. Because homes are costly assets, a spouse will need to be able to cover all associated bills.
Affording a home post-divorce
A home could easily be a money pit. Repairs might be necessary, and it might be impossible to pay for a hefty mortgage, property taxes and the costs of upkeep when you are on your own. Thus, if you are unable to cover the cost of the mortgage and the other monthly obligations, it is best to pass on keeping the home or consider selling it.
Divorce is not an uncommon life event, which makes it fairly easy to obtain helpful information about possible options. While it is a still challenging time for most divorcing spouses, obtaining legal advice could help you successfully navigate the process and ensure your rights and interests are protected.