We attach a lot of significance to a structure with four walls and a roof. It’s understandable. Your home is where you and your spouse built a life together and raised a family.
While you may want to keep the house and the memories, it’s important to weigh the pros and cons.
The sentimental factor
Right now, your house provides you and your children with a sense of continuity and stability. This is likely a traumatic time for them, and being in familiar settings with neighborhood friends provides security.
Still, at some point, it’s important to ask yourself if being in the family home is making it difficult for everyone to move on and make a fresh start.
It’s also essential to consider the financial implications. Depending on your neighborhood, the value of the house may significantly appreciate in the next few years. Waiting to sell could improve your long-term economic prospects.
But you will need to weigh the potential future value against current costs. Keeping the house might mean refinancing or taking out a mortgage, as well as property expenses, repairs and maintenance. You will need to decide if your budget can absorb these costs on a single income.
There are also legal aspects to keeping the house. Rather than selling the property and splitting the profit, you may have to negotiate a buyout or give up other marital assets.
While there are advantages to keeping the family home in your divorce, you have to think about how it will impact your future. Will it be a suitable living space, and can you manage the upkeep as you age?
Before making any decisions, you should discuss your thoughts with someone who can provide legal clarity that is specific to your situation. Once you consider all factors, you will be empowered to choose the best option for you and your children.