One of the most valuable assets most people have in a divorce is their home. Deciding whether you or your spouse will keep the family home is a difficult thing to do.
There are many factors you need to consider before you finalize your decision. U.S. News and World Report explains you will need to think about this in a practical manner and not decide on keeping the family home simply due to emotional ties.
The biggest and most important factor to consider when thinking about keeping the family home is if you will be able to afford it after the divorce. Currently, you and your spouse both contribute to the upkeep and financing of the home, but can you do it only on your income? Also, will you have savings and the means to handle maintenance and emergency situations?
Consider the long-term financial implications. If you stop receiving spousal or child support, would you still be able to afford to keep the home?
Beyond just the financial aspects of maintaining the home, you also need to think about the physical aspects. Will you be able to do the maintenance chores or have the money to hire someone to do them? Can you manage the yardwork? You need to make sure that you understand all the upkeep chores as well. You may not even be aware of everything it takes to keep your home in good condition.
The last issue to tackle is the mortgage. The bank does not care if you divorce. The agreement you have with your lender is a financial one. You have a contract that does not end because your marriage ended. If you want to keep the home, the chances are you will need to get the mortgage in your name only. This will require securing your own mortgage, so you need to be sure you can qualify for one.
Keeping the family home may be something you emotionally want to do, but it may not always be a practical idea. There really is no right or wrong answer, you have to assess your situation and decide what is best for you.