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Global Guide to Divorce

Jack Jack the Cat

Marital house as asset in divorce

Whether to Keep or Sell the Marital House in Divorce

A big issue in divorce proceedings is what to do about the marital home. Is it to be sold or does a spouse buy out the other one? Would one spouse be able to handle the upkeep, taxes, and mortgage? A factor to consider is if the mortgage is already paid or will be by the time alimony has run its course. I have seen several women post-divorce who got the marital home and are living paycheck to paycheck. They are barely keeping their heads above water financially. Consider hiring your own financial advisor to see if buying your spouse out of his share is really feasible.

Fotolia_57688175_XS.jpgKeep in mind that two 100K assets are not equal. An investment or money market account accrues interest and a house requires an outlay of money for expenses. That said, a house can appreciate in value or be in such a lovely setting, that ever selling it would be out of the question. Two divorced women said the only way that they would permanently leave their beautiful houses would be by hearse. If you are on the fence about what to do regarding the marital home in your divorce, consult with a real estate agent regarding projected future trends in the housing market. You would have an idea if the property values are going down or up.

If your children and pets are happily residing in the marital home then it may be the better choice to hang on to it. If you like your neighbors and the amenities of your neighborhood, then that is another reason to stay put. When you are in a great public school location, you may not be able to find a home in the same district. It is not guaranteed that your kids could get an inner zone transfer to come back to their school the following year, if moving across town. It can make a difference if they move across the city from their friends and activities. I meet girlfriends at two coffee shops nearby, sometimes at the spur of the moment. Moving out and farther away could curtail these impromptu get-togethers. What do you about the marital home after divorce?