The financial ramifications of divorce can leave you feeling overwhelmed and concerned about your future. The prospect of starting your new life with less assets and household income can be intimidating, but you don’t have to be scared. You just have to be smart. Instead of letting your emotions dictate which assets you will seek during the property division process, you should analyze each one in the context of what makes the most sense for you from a financial standpoint. At that point, you can make a determination as to whether fighting for a particular asset is in your best interests.
This analysis is almost always needed when it comes to the family home. In many cases, individuals have an attachment to home, which is understandable given the fact that they have built a life and perhaps raised a family in the home. Many people want to keep the family home to provide their children with a sense of stability, but that may not be the right move. After all, keeping up with a mortgage and repairing your home can be costly endeavors when you’re going at it alone.
In a lot of cases, couples decide to sell their home and divide the proceeds, which allows you to escape the mortgage and pocket some of the equity. This can provide a financial boost moving into the next chapter of your life.
But that’s not your only option. You can also choose to keep joint ownership of the home in an attempt to build further equity and stability for your children. But you’re still going to have to secure a second residence, which can be quite costly. You might also be able to secure the home or give the home to your spouse in exchange for other valuable assets. This could set the stage for your life post-divorce, so you’ll need to carefully consider you options before deciding on any particular route.
Dealing with the family home is just one aspect of the property division process. If you just want to hurry up and get your divorce over with, we understand. However, rushing just to get everything finalized can leave you with financial regrets. Therefore, it might be best to discuss property division issues with your attorney so that you can develop a strategy that suits your needs.