Preparing for divorce often requires making tough decisions regarding the division of marital property. Your marital home will probably be on the top of your list. It is natural to want to hold on to a place that contains fond memories, but you might discover later on that keeping the home was not worth the trouble.
Kiplinger provides some questions you might ask yourself concerning the future of your marital residence. Answering these questions could help you decide whether you want to keep the property or sell it at any point.
Will you be able to afford your home?
A home has various costs attached to it, including utility bills, property taxes and maintenance requirements. If your house is large and expensive, you probably hire groundskeepers or maids. Composing a rough budget of your possible home expenses could tell you whether the property will be a money drain in the years to come.
Does your home have liabilities?
If you take sole ownership of your marital home, you will become responsible for the debts attached to the property, including your outstanding mortgage amounts. The home could also have unpaid remodeling or repair bills. Some couples split the liabilities so the spouse who departs the home still makes payments, but this is not always feasible.
When should you sell the home?
You do not have to sell your marital home right away. Some divorced couples engage in nesting, meaning they keep their children in a single home while each parent stays in the home at different times to care for them. One option is to keep the house until the children graduate from high school. If you do not have children, you might wait until the housing market is hot enough that you can fetch a good price for the home.
A proper look at your financial situation and the needs of your family may help you come to the best solution possible for your marital home.