Should I Keep Our House in Our Divorce?

 Posted on October 26, 2022 in Divorce

Families often spend years, even decades, in the same house. Wonderful life-long memories are made in homes, and so it is understandable that if a couple decides to get divorced, it can be very difficult to decide what to do with the family home. However, because marital assets must be divided in a Texas divorce, the value of the home needs to be allocated between spouses - even if one spouse ends up deciding to keep the home. If you are wondering whether you want to keep your home in your divorce, read on and then meet with a Texas divorce attorney to examine your options. 

What to Consider When Thinking About Divorce and the Family Home 

Every divorce is different, so the answer to the question of whether you should keep the family home is not cut and dried. Many factors will go into the planning and execution of how marital assets are divided. 

Before you begin to approach the question of the home’s eventual ownership, you first need to think about your overall financial situation and what you hope to get out of the divorce. Think carefully about your long-term financial well-being, especially if you are at or near retirement age. Often, much of a couple’s net worth is tied up in their home. If you were to negotiate full ownership of your home in exchange for retirement benefits, cash savings, or other assets, you may find that while you own the house, you may not own much else. 

Another thing to consider is whether you can sustain the cost of maintaining a home by yourself. Even if you make a comfortable salary and you could take over the mortgage payments on your own without a problem, houses are notoriously expensive. Problems can be very inconvenient and often crop up at unexpected times, requiring urgent resolution. If you do not have cash savings and your roof begins to leak in November, you may be placed in a very difficult situation. 

Another factor to think about is whether your children would be disrupted by leaving the marital home and whether you really need the space that your home gives you after a divorce. If your children are adults, you may like the idea of everybody coming home for the holidays. However, this may be impractical if it also means you have to keep up with yard maintenance and clean a large home when you only occupy a small portion of it. 

Schedule a Consultation with a San Antonio, TX Divorce Lawyer

The divorce process is often full of complex questions that are not easy to answer. If you are unsure about whether keeping your family home would be in your best interests, schedule a consultation with a Bexar County divorce attorney at Brandon Wong & Associates. We have extensive experience helping divorcing couples decide the best way to divide their assets and we will represent you assertively to make sure you get your fair share. Call us today at 210-201-3832. 

Source: 

https://money.usnews.com/money/personal-finance/family-finance/articles/2017-10-11/divorcing-should-you-divorce-your-home-too