Many people who are about to divorce make keeping the home they shared with their spouse a priority. Homes make up a big percentage of most people’s wealth so it is understandable that people see retaining it as important.
Yet, before you rush ahead and aim for this, you should make sure it is the correct decision. In many cases, it will not be. Here is why:
Your spouse will keep something else instead
You don’t get to keep an asset for free. You need to factor it into the overall property division equation. So, if you get the house, think about what you won’t be keeping. That could be some of the money in a bank account, a share of a business or an investment in stocks and shares.
Consider the cost of running the house
Some family homes are so large that they require thousands per month just to keep running. Even if your home is not that large, you need to be sure you will have enough for bills – especially if one of the monthly bills is an outstanding mortgage. Miss a few payments and you could lose the whole house.
Homes can hold memories
Imagine that you keep the house. A few months down the line you meet someone new and invite them over to yours for dinner. The date goes terribly as you spend the whole time feeling like your spouse is standing there criticizing your every move, just as they did when you lived there together.
Sometimes trying to keep the home is the correct decision, but sometimes it is better to either let your spouse take it, or sell the place and take a share of the money instead. Learning more about your options can help you choose the best one for your circumstances.
