For many couples, the marital home is their most valuable asset and a symbol of stability, which is why it is often passionately fought for in a divorce. However, despite the attachment you may feel for your home, fighting for it in a divorce may not be the wisest decision.
Fighting for the Family Home in a Divorce
Every divorce is different, so depending on the unique circumstances of your situation, fighting for the family home can potentially have a negative impact on your future.
Here are some of the questions you should ask yourself before deciding on whether to fight for it:
- Are you able to afford the mortgage payments? There may be a lot of things you and your spouse were able to afford as a couple. On your own, however, you may find yourself getting stretched a bit thin and making your monthly mortgage payments may not be feasible. Have a talk with someone who can walk you through a post-divorce budget plan to assess your ability to continue paying your mortgage. Otherwise, you may find yourself in financial trouble if you are awarded the marital home.
- What is the objective value of your home? It is essential to hire a professional appraiser to accurately determine the value of your home and give you an idea of the housing market in your area. The last thing you want to do is hang onto a home you cannot afford while a strong seller’s market passes you by.
- Can you obtain a refinanced mortgage for your home? If you and your spouse bought the home together, you will have to refinance the home to have your spouse’s name removed from it, so only yours remains. However, this may impact the interest rate on your mortgage, especially if you have been out of work for a while or most of the credit you obtained was in your spouse’s name.
Understanding what your post-divorce financial situation will be like and knowing the value of your home are all essential before deciding whether or not your home is worth fighting for. An experienced divorce attorney can help you with this process.
Reach Out to a Knowledgeable Divorce Attorney to Discuss Your Case Today!
If you are filing for divorce, the family law team at Barach Law Group LLC can provide the guidance you need to navigate it. You can rely on us for the advice you need to take the best course of action.