If you are approaching a divorce, you likely have concerns regarding your future. It is quite possible that you and your soon-to-be ex-spouse have many assets that are eligible for division. And often a couple’s home is, dollar-wise, their most valuable piece of shared property. As such, the question of who gets the house can become a major point of contention.
It is not unusual for someone to grow emotionally attached to a home. After all, a home is a place that provides security and stability and can be all the more important when dramatic life changes are afoot. But as much as you care for a house, it may be best to let it go and take your share of its value in a settlement. If you are facing a major decision regarding the fate of your home, you have a number of issues to consider.
If you are facing a major decision regarding the fate of your home, you have a number of issues to consider.
One thing to look at is what sacrifices you might have to make if you keep the house. For example, to take sole-ownership, are you willing to trade other assets, like those earmarked for retirement? Such a move could leave you in financial dire straits when retirement rolls around.
Moreover, if you want to maintain ownership, you need to seriously look at your personal finances and projected income. Do you have the capacity to afford the mortgage? You will likely have to refinance in order to get the funds to pay off your ex. When you start to apply the interest rates, your monthly payments may be untenable.
There are other factors you need to examine, such as your personal connection to the home and taxes. You may even want to continue to jointly own the house with your ex for a period of time. But the fact is, what to do with your house is a major decision and can have many implications.
Such issues may seem overwhelming, which is why seeking the counsel of an experienced high-asset divorce attorney can you help lessen the strain. The attorney can go over an inventory of the eligible assets and help you work toward getting a settlement that is fair and meets your needs.