One of the most common questions about divorce is, “who gets the house?” Understandably, the marital home is frequently the most valuable asset that married couples own. But when couples divorce, there is often concern and even arguing in some cases about who will keep the house.
If divorcing couples can come to an agreement on selling the home or who will keep the house, this does simplify things. However, things don’t always go this easily.
Deciding to Keep the Home Should Come with Good Reason
While every couple and situation is different in a divorce, if the decision is made to not sell, then there should be some good reasons for keeping the house. Among the top reasons why people choose to keep a house in a divorce are because of 1) children or 2) emotional attachment. Either way, you will need to determine if keeping the home is a wise decision financially. If not, it may be better to sell.
When Children are Involved
Divorcing couples with children are often concerned about how their children will be affected. Because of this, sometimes parents don’t want to move their children out of the home environment they are used to, out of concern about how it will affect them emotionally. Though sometimes it is necessary. Either way, you should speak with your children about any transitions, reassuring them that they are in no way at fault. Children sometimes tend to blame themselves if they don’t understand the situation.
Sentimental or Emotional Attachment to the Home
Another major reason divorcing couples want to keep a home is because of the memories that home has brought over the years. Maybe you’ve had it a long time and it’s the home your children grew up in. Understandably, this makes it difficult to part ways with the house.
There is nothing wrong with this, but if this is the reason for keeping the house, again, it should make sense financially and in the long-term. Deciding to keep the home should not be because you simply want to “win” against your former spouse to be.
Keeping the House in a Divorce Should Make Sense Financially
Another thing to consider is if you are able to afford the home on your own. Because if you are awarded the home in a divorce, you are then responsible for payments on the home. This includes payments such as the mortgage, property taxes, etc.
In addition to speaking with your attorney, it may be a good idea to consult with a financial advisor who can better help you understand your financial situation and what makes the most sense. For some people, having to suddenly cover all the expenses of home ownership on their own can be a financial nightmare. So whatever you decide, ensure it is in your best financial interest as well.
If Possible, Come to an Agreement with Your Spouse
While this is often easier said than done, this can actually help avoid financial heartache, alleviate stress and cut down the costs of your divorce in the long run. When divorcing spouses are not able to come to an agreement on their own, then the decision will be left up to the courts on whom the home will be awarded. This is not a road most people want to go down as things can get ugly quickly. So if possible, try to work it out with your spouse on what will be done with the home.
Going to Court Over the House
When spouses are unable to come to an agreement on the marital home, then the courts will need to be involved. Getting into a legal battle over property division takes a lot of control out of your own hands. This is because a judge will be making a decision based on the information presented to them.
In some cases, the judge may award one spouse the home. Or they may order a buyout, meaning the spouse staying in the home pays the other spouse an amount of money based on their share of equity in the home to take full ownership of the property. In other instances, he or she may simply order the house to be sold. Either way, the outcome is much less predictable.
If you are in this situation and concerned about the future of your home in a divorce, it’s best to speak with an attorney who can better help you understand your options and a course of action. If this is you, we can help. Contact us to discuss your situation and put your mind at ease.
