Divorce is one of the most disruptive life experiences, surpassed only by the death of a loved one. It is understandable that amid an acrimonious split with your spouse, you might not be thinking as pragmatically as you should be.
Other than determining the custody arrangements for the children, one of the biggest decisions to make concerns the future of the family home. Namely, should you fight to keep the house in your divorce?
Many factors to consider
It is understandable why spouses often spar over who gets to remain in the former family home. When minor children are involved, it allows for more stability and continuity in an inherently unstable period of their lives.
But that doesn’t mean it’s the wisest choice to fight tooth and nail to hold on to the house. Here are a few aspects you should weigh before making any decisions:
- Can you afford to keep it? Remember that you will be living on a single income going forward and that spousal and child support typically end at some future point. There are also taxes, HOA dues and other expenses that add up fast.
- Can you manage the upkeep alone? If your spouse did all the yard work and home repairs and you aren’t able to do these tasks yourself, you will wind up shelling out money to professionals, which can also be pricey.
- Is it laden with memories of your marriage? Remaining in the home you shared with your spouse can prolong your grief over the ending of your marriage if you are reminded of your ex around every corner of the home.
Alternatively, there can be tax consequences associated with the sale of the property that you should address with your financial adviser to ensure that the choices you make reflect your best interests.