When you're going through a divorce, deciding what to do about the family house can be one of the most difficult decisions. This is particularly true if you've raised a family in the home. You may not want to part with the memories.
If the home is worth a great deal of money, you may not want to part with the investment aspect of the home. However, holding onto the home isn't always in your best interest. Here are four things you should take into consideration before you fight for the house.
What Are Comparable Homes Going For?
If you give up the family home, you're going to need to find suitable living arrangements elsewhere. Take a look around your neighborhood. What are comparable homes going for? Are you in a position to purchase another home? If the comparable homes are priced out of your range, you may be better off asking for the family home.
Is Your Home Sellable?
Take a look at your home. Is it sellable as it stands, right now? For instance, is it in good repair? Does it have curb appeal? If you could sell your home right now and get a fair price for it, you may want to consider selling the home and dividing the proceeds from the sale. This is particularly true if the home is paid for or you have considerable equity in it.
Can You Afford the Upkeep On The Home?
If you keep the home, you'll be responsible for the upkeep following the divorce. Will you be able to afford to maintain the home on one income? Or would you be better off financially finding a less expensive place to live? Be sure to consider your post-divorce finances before asking for the family home.
Do You Have Young Children?
This is an important issue to consider when deciding on the family home. If you have small children, you may want to keep them in the home they're familiar with, especially if they're in school. Divorce is hard enough on children without uprooting them from their school and friends. If you want to keep your children in their present surroundings, you should consider fighting for the family home. This is particularly true if you plan on asking for physical custody of the children.
Before you ask for the house, make sure you really want it. This list will help you decide if keeping the house is really in your best interest.If you still have questions, you should discuss the matter with an attorney, like those at Kolker Law Offices PC, before reaching a decision.