Married couples often combine their resources to enjoy a higher standard of living than either spouse could afford on their own. By sharing basic expenses, including the cost of housing, spouses can afford more comfortable arrangements.
Buying real property is frequently more accessible to married couples than it is to single people. If a married couple that purchased a home together decides to divorce, they have to address the home that they purchased together.
Many people fight intensely to keep the marital home during a divorce. However, keeping the home isn’t always the best solution. How can spouses determine if staying in the marital home is a reasonable goal?
By looking at their finances
Not everyone can afford a mortgage on their own. Their credit score may not be high enough, or their income may not be adequate to afford monthly mortgage payments without a spouse’s contributions.
Especially in cases where one spouse must withdraw equity while refinancing to compensate the other, the mortgage payments due after refinancing may be too high for one spouse to afford on their own.
By reviewing maintenance needs
Another factor that influences whether staying in the home is reasonable or not is the amount of upkeep that the property requires. Those who purchase condos, for example, may have an easier time maintaining the property on their own because the condominium association handles yard work and building maintenance. Many divorced spouses struggle to maintain properties on their own without the assistance of a spouse.
By considering emotional attachments
Whether or not there are minor children can play a major role in the decision about staying in the marital home. When there are minor children to consider, remaining in the home might be the best option for them. Doing so keeps them in a familiar environment and allows them to maintain relationships. Parents can ensure that the children continue to attend the same school, for example.
When there are no children or when the children have already left the family home, spouses need to consider whether their memories from during the marriage might make living there after the divorce painful. For some people, leaving the marital home is the best option for practical and emotional reasons.
Regardless of whether a spouse leaves or stays, they typically have a right to an equitable portion of the equity in their marital property. Not everyone should try to stay in their marital home. Those who consider their circumstances as objectively as possible may set more reasonable goals when navigating a complex, high-asset divorce.