You and your spouse will have to go through a property division process during a divorce. In most cases, any marital assets are evenly distributed between couples. It isn’t always clear what assets should go to whom – unless there’s a prenuptial agreement or postnuptial agreement.
While you and your spouse may agree on who gets the furniture, art collection or vehicle, or certain sentimental assets are distributed, you both may be divided on who gets the house. While, ultimately, the decision is between you and your spouse, there may be pros and cons to keeping the house. Here’s what you should consider:
Keeping the house for your children
Maybe your children were born and raised in the house. Your spouse, after divorce, plans on selling the house, to your dismay. So, you may consider keeping it, not only for sentimental reasons, but so your children can inherit it down the line.
Continuing mortgage payments
If you and your spouse are paying the mortgage for the house together, you may find, after losing the combined income of you and your spouse after divorce, that it’s much more difficult to pay the mortgage by yourself. If you find yourself having difficulties paying the mortgage by yourself, then you may fall behind on payments, which could lead to losing the house if you keep it.
Alternatively, if you’re still able to make timely and full payments on the mortgage, then you may be able to keep the property. This can be beneficial in the future if you decide to sell it or rent it out, or, plainly speaking, you’ll have real estate to use at your convenience.
Homes take a lot more than mortgage payments. You know you have to maintain the property, otherwise, it’ll fall apart and lose its worth. This can be costly with only one income, however, if you have hands-on experience with house maintenance, money may not be an issue.
There’s a lot to consider besides keeping a house for the sake of having a home. You’ll likely be sacrificing other assets for the home. You may need to reach out for legal experience when deciding how a home division should work.