Should You Keep the House in a Divorce?

Divorce-Depositphotos_7530611_xsIf you own property, you may be aware of the problem it can pose during a divorce. Should, or should you not keep the house? That house represents a significant investment that you made during your marriage, and deciding what to do with it can be stressful. Many want to keep the house because of that investment, while others find more value in selling.

Parents may consider keeping the home for the children. Divorce is difficult enough and many a parent is concerned that moving the children may be too much. Others are concerned that they may never be able to own a home alone, and thus want to find a way to keep the one acquired during the marriage. There are many more reasons to keep the house, as there are plenty of reasons to sell.

Consider what you can afford.

If the home is not paid off, then payments must still be made. If you want to keep the house, you must be able to make those payments. There are other financial considerations, such as taxes, insurance, upkeep and repairs, and more. The question to ask is: can I afford the house? Even if your financial situation is stable currently, that may change as a result of the divorce.

Selling may benefit you more.

While there are plenty of emotional and financial reasons to keep the house, selling may benefit everyone more, which includes you and the children, if you have them. If you own the home with your spouse and sell, you usually split any proceeds with your spouse. Depending upon the house’s value, you could have enough to start fresh. You could put a down payment on a new, smaller home. Or, rent a place and pay debts.

Ultimately, there are many details to consider when it comes to selling or keeping the house in a divorce. Call us at Miller Law and let us help you decide what the better course may be.

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