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Should you keep the marital home in your divorce?

On Behalf of | Jun 14, 2024 | Divorce |

Your home is likely one of the biggest assets that you have to consider when you’re going through a divorce. On top of the monetary consideration, you may also have emotional ties to the home. All of these factors can make it rather difficult to determine how to handle the marital home in your divorce. 

As tempting as it might be to let your emotions rule in this situation, it’s usually best to think logically about the situation. Starting with these considerations might help you to get a clearer understanding of what you should do with your marital home.

Consider your budget

Your budget is the top priority when you’re trying to determine if you should try to keep the marital home. You have to be able to afford the mortgage and all other expenses related to the home with only your income. Be sure to factor in the insurance, utilities, upkeep and repairs. Remember, you may have to refinance the mortgage in your name only, and that may have additional costs and a higher payment. 

Think about other assets 

In order to keep the marital home, you may have to bypass some other assets. Carefully consider what that will mean for you now and into the future. There may be times when it’s best to let your ex have the home or to sell it so you can have the foundation for your future that you want.

Ultimately, determining what to do with the marital home is only one part of the property division process. Having someone on your side who can help you to look at the big picture may help to make your decision a bit easier.