Do We Sell or Give Up On the Family Home?
One of the largest debates for many divorcing couples, is what becomes of the family home. Your marriage is over, but you likely still have a mortgage between the two of you. So, what happens next? Typically, the two of you will either 1) sell it and split the profit, or 2) one person takes over all responsibility and the other person walks. It can be an emotional decision, or a rational move made by the both of you that becomes profitable. But, no matter which route you decide on, reaching that decision can be pretty difficult…
Do We Sell or Give Up On the Family Home?
Coming to the decision to sell or keep the family home can be quite an emotional journey. You have years off memories in this home. Your children grew up there, it was your first real investment, and overall, you’ve put a lot of love into it. So, maybe you aren’t quite ready to part ways with it yet. So, you consider keeping the home and taking over the debts. But, you have to consider what that means for your future.
Are you ready to take over the debt of a home by yourself?
You might make good money at your job, and being able to afford the home isn’t really of concern to you. Or, maybe you can afford it, but you’d just be scraping by. Deciding whether to keep or sell must be more than an emotional decision. Can you really afford to do it all alone? Utilities, upkeep, groceries, accidents… A home, especially when you’re going at it alone, is a ton of work.
So, maybe after some deliberation, you decide that your money would be better spent on something smaller, less upkeep, and a place to store fresh memories. But, your spouse may want the home. So, you consider exchanging your portion of the family home. In turn, you might gain more of the assets, or maybe even a larger settlement.
Is it worth giving up my part of the home, in exchange for assets or money?
This is a tough question to answer, but one you must face at some point. What is it worth to you? And, alternatively, what is it worth to your spouse? Mediation is a tough process, and it causes you to do a lot of thinking. So, take the time to consider where you want to be in a few years… Do you want to be tied to a home full of old memories? Or, do you want to have something of your own, and a better nest egg for the future?
Consider the benefits of a clean break
As we’ve said, this decision can be a pretty emotional one. So, there’s no saying what you should do, that’s a choice you’ll have to make on your own. However, consider the benefits of a clean break. More money for getting a life started, less responsibility, and a split with less conditions equals less time and money spent in court and on fees.