Deciding whether to keep or sell the marital home depends on numerous factors. For one, if you have been paying for the house for years now, that kind of equity can be hard to let go of. On the other hand, keeping the house may be financially difficult with a single income.
These are just some of the factors you need to consider. To help you make an informed choice, here are the pros and cons of keeping the marital home.
The pros of keeping your marital home
In many divorces, one spouse stays in the marital home while the other moves out. This is especially common for couples with children. Here are some of the advantages:
- Stability for children: Maintaining the family home can provide continuity and stability for your children, especially during a challenging time like a divorce.
- Potential financial gain: Keeping the home could be a good investment if the property value is likely to appreciate. For example, keeping a home in a nice neighborhood could help increase profits when you eventually decide to sell.
- Avoiding relocation issues: Finding a new place to live can be stressful. Moreover, you can avoid the financial burden of moving, such as moving expenses, transportation for the family and costs associated with selling your current home.
Staying in the marital home is a practical and often less stressful choice for divorcees, especially when children are involved. However, it can be a less favorable option when these factors arise:
The cons of keeping your marital home
You may want to consider selling the home and moving somewhere else if these issues are present:
- Financial burden: If you do not fully own the home yet, you may struggle to afford mortgage payments, property taxes and maintenance costs with a single income. Alimony and child support may help pay for these expenses, but that is not always the case.
- Negative equity: If your home is worth less than the mortgage, you could be stuck with debt.
- Maintenance and upkeep: Unless you have the budget to hire professionals, you will likely be mostly responsible for all repairs and upkeep.
Of course, these are not the only pros and cons of keeping your family home. Ultimately, the decision will boil down to your unique circumstances.
If you are struggling to decide, consider consulting a divorce attorney. They can help seek a fair division of assets, including the marital home. Moreover, they can guide you through the divorce process to help you make the best decisions along the way.