Getting A Divorce: What Happens To The Family Home?
With 45 to 50% of all first marriages, 60 to 67% of all second marriages and 70 and 73% of all third marriages ending up in divorce, there is no shame in throwing in the towel if your marriage has reached a point where both parties have irreconcilable differences. Although this is an emotional time, it is important to stay calm and familiarize yourself with divorce laws to protect not only yourself financially, but also any children that you may have. Most couples own their family home. During a divorce, what happens to the family home?
Do You Have a Good Reason to Keep the Family Home?
While the best way to resolve this problem is to speak with your ex-spouse in a calm manner and work something out, you should also consider whether or not you have a good reason to keep the family home, and whether you are acting out of spite or greed. The two most common reasons for an individual to want to keep their family home are:
- kids. Studies have shown that kids who are going through the divorce will experience both short-term effects, like anger, an increase in stress levels and lower self-concept, and some long-term effects, like persistence of anger and an intense longing for the absent parent. To minimize the effects that divorce may have on the kids, most experts generally recommend that the kids stay in the family home to avoid adding on the stress.
- emotional attachment. Although emotional attachment may not always be the best reason, it is understandable, especially if you have invested a lot of time and effort in building your dream home. Consider whether you will be able to find anything that would better suit your lifestyle and needs in the real estate market.
Can You Afford to Keep the Home?
Since all assets should be distributed in half, can you afford to keep the family home without the help of your spouse? If you are still paying for your mortgage, consider whether you can make the payments yourself. Keep in mind that you need to add on the cost of energy and utility bills, along with property tax. If all of these expenses cut close to how much you're earning, then maybe it's best to downsize to something more affordable. Keep in mind that you will still have other expenses to pay, like medical insurance, car payments, grocery bills and more.
Conclusion
During the divorce, both parties cannot sell the home. During this time, consider sitting down with your spouse to determine what may be best financially for the both of you and whether an agreement can be worked out if you want to keep the home.
For assistance in working out who gets the home and other assets, work with an experienced lawyer from a firm like Kelm & Reuter, P.A.