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If you are pursuing a divorce, you are likely considering the impact it will have on your assets and finances, especially if you own a home. For many, the marital home is their most prized possession, which is why it is often fought for. However, fighting for the marital home might not necessarily be in your best interests. In some cases, being awarded the marital home may be detrimental to your future.
Keeping the Marital Home Might Not be in Your Best Interests
Although the prospect of keeping the marital home in a divorce may sound appealing, this outcome may ultimately be a burden on you if you are not financially prepared for it. While it may have been feasible to buy and maintain the home one a two-person income, it may not be so easy in the aftermath of a divorce. Not only will you lose your spouse’s contributions to the household, but you will also have fewer assets as a result of the divorce.
If your spouse has a better financial situation, instead of fighting to keep the home, consider allowing your spouse to buy out your share of equity in the home. You may have some strong feelings about seeing your soon-to-be ex-spouse in the home you once owned together, but taking the cash may be better for your overall future.
That said, it is not uncommon for either spouse to lack the ability to hold onto the marital home. If this is the case, you may have to sell it altogether. If you are raising children and have concerns about uprooting them, you may both keep the house and continue paying the mortgage on it until you are both either ready to sell it and split the proceeds or one of you chooses to buy out the other’s equity.
As emotional as this situation can be, it is crucial to make this decision based on your financial health and ability to afford the home.
Discuss the Details of Your Divorce with an Experienced Family Law Attorney Today!
If you are planning to end your marriage, but are unsure if you should fight for the marital home, you should consult with a knowledgeable attorney as soon as possible. At the Law Office of Tzvi Y. Hagler, P.C., our skilled attorney is committed to working diligently on behalf of each client and will ensure you receive the best possible results for your case.
Call our law office today at (516) 514-3868 to set up a consultation.
