Should one spouse keep the home in divorce?

When a couple who owns a home divorces, what to do with the home itself is often one of the biggest conflicts to resolve. In many cases, a home is the only significant asset that a couple possesses, so the rest of the property negotiation is negligible compared to which spouse keeps home, if either.

Many spouses automatically assume that they want to keep the home at any cost, but this is not a good fit for every couple. If you and your spouse must decide who keeps your home or whether to keep it at all, it is important to understand the various factors at play, both presently and in the future.

Divorce doesn't have to be mean or ugly, but it can arrive there quickly without careful guidance. Don't hesitate to reach out to an experienced divorce attorney who understands how to resolve divorces fairly, not matter how complex the liabilities and assets are within the marriage. Proper legal counsel allows you to keep the tone for your divorce civil and respectful, while protecting your rights and priorities.

Should you keep the home at all?

Too many couples avoid asking themselves this crucial question for far too long. Some divorces avoid this question altogether, creating enormous problems further down the road. The reality of the situation is that, in many cases, neither spouse can maintain the home on a single income.

A marital home is a very special asset, one that many couples use as the foundation of their financial lives. However, owning home comes with significant risks and burdens as well as benefits. Depending on how the mortgage lender writes the mortgage itself, a spouse who wishes to keep a marital home in divorce may need to refinance in order to remove an ex-spouse from the loan.

This means undergoing the mortgage process again, in many cases, with less favorable terms and a higher monthly payment. Even if a spouse can afford the mortgage payments on a single income, he or she must also contend with the costs of maintenance and property taxes.

If one spouse does keep the home, it is reasonable for the other spouse to request some other significant compensation. If the spouse keeping the home cannot compensate the other spouse fairly at the time of the divorce settlement, they may still work out a payment plan over time.

Get the help you need to keep your priorities in line

Resolving these issues fairly is often surprisingly complex. Do not hesitate to consult with an experienced divorce attorney, even if you believe that your spouse is willing to negotiate. With professional guidance, you can fairly resolve these issues and more while protecting your rights through the divorce and beyond.

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