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Should You Keep Your Marital Home During A Divorce?
During a marriage, your home becomes a big part of your life. It is where you create lasting memories, which means it could be the most challenging asset to let go of after a divorce. It is common for many married couples to reside together during their marriage by moving in with one another or purchasing a new home to start their lives together. However, after a divorce, living situations can become a big issue. The most important topic is figuring out if you should keep your marital home or not.
Not everything is so cut and dry. The emotional attachments we have to our homes can make it difficult to let go of what once was. There can be many different reasons as to why you want to keep your home or reasons as to why you may not. Every divorce is different, and each situation is unique. Before you decide to keep your marital home, there are a few things to consider.
Let’s take a closer look at why you should keep your marital home after a divorce and how it can impact your future.
Reason #1: It Was Your Home Before the Marriage
Before marriage, most, if not all, couples reside in different homes. Depending on the relationship’s progression and the circumstances, you might have agreed to have your significant other move into your home or vice versa.
If you are the home’s original owner and your name is on the deed and title, you will most likely be entitled to the house after the divorce. However, in circumstances where both names are on the deed, it could make it more challenging to decide who gets to keep ownership.
If this is the case, then you and your ex-spouse need to agree on either who gets to keep the marital home or if you are going to sell it.
Reason #2: You’ve Invested too Much to Leave
When you own a home, there is plenty of work to be done to keep up with maintenance and broken appliances. Renovations, maintenance fees, and daily upkeep can add up over the years. Some couples may choose to split those costs, and some may choose not to.
In these circumstances where you might have invested more into the home than your ex-spouse, it might be hard to leave due to the financial setback. It’s important to keep evidence such as receipts and bank statements to show what you paid for.
If you decide not to keep the home, you could agree with your ex-spouse in court to pay you for some of those bills to financially recover from what you lost.
Reason #3: You Can Afford the Home
Typically, if both spouses bring in an income during the marriage, they can split bills and other payments to take care of the home. Having two steady incomes makes paying for necessities and taking care of the house less expensive for each person.
After a divorce, it might be harder to pay bills and take care of the home by relying on one income source. Unless you plan to make up for the other half of the bills, this could set you back financially and put you into debt.
If you still want to keep the home regardless of your income, consider renting it out or looking for a roommate to share the expenses with you. This will help alleviate the extra bills and make staying on top of payments easier without help from your ex-spouse.
Reason #4: You Have Children
When children are involved in a divorce, it adds a new aspect to the situation. A home can create a stable environment for your children and can help them through an emotional divorce. It could take a toll on your children moving from one house to another, so it’s essential to consider their feelings and emotional well-being when making this decision.
It’s also important to consider the school district in which your children attend. For many districts, you must live within set city limits to attend a particular public school. Uprooting your children to not only a new home but a new school could add to the emotional stress from a divorce.
Creating a stable environment for your children is a must when going through a divorce. If you can afford the extra expenses, then keeping your marital home might be the right move for you.
Marital Home: Conclusion
A divorce can take a toll on all family members, and leaving home with so many memories isn’t easy. It’s always best to evaluate your situation and circumstances before deciding to keep your marital home. Even though emotions can play a big part in the decision-making process, it’s essential to take a step back and consider your finances and other factors that go into keeping your home after a divorce. If you need legal advice during your divorce, turn to the professionals here at Koleilat Law and contact us today to learn more about how our divorce attorneys can help you.