Divorce, especially the litigation process, often feels like a battle you have to win, especially when it comes to major assets, such as the marital home. As much as you might want to fight for it, however, it is important to understand how a win may potentially impact your future. Keeping the home might feel like a victory, but depending on your financial status in the aftermath of your divorce, you might end up struggling to keep it.
Why it Keeping the Marital Home Might Not be in Your Best Interests
For many, the marital home is not only their most valuable asset, but it is also quite sentimental, particularly if you envisioned raising your children in it. That said, you must fully understand the implications of fighting for and winning this asset.
Although maintaining the home was likely more feasible during your marriage, it may not be easy to do on your income alone. Home-related expenses, such as a mortgage, property taxes, insurance, and regular repairs and maintenance might be outside of your budget. Keep in mind that if you are awarded the house, the judge will award your spouse other assets that are comparable in value. Therefore, this financial burden can potentially cost you assets that might have been more practical to fight for.
If both you and your spouse cannot afford to keep the marital home, consider selling it and splitting the proceeds. If one of you can afford the home, the more well-off spouse might consider buying out the other’s interest in the home. If you have children, this will be ideal in maintaining consistency in their lives.
Ultimately, when getting a divorce, it is important not to think of this process as a battle you have to win. Instead, think of it as a process that is setting the foundation for the road ahead. Not everything is worth fighting for and every decision should be made with caution, backed by the sound legal advice of an experienced professional.
Discuss the Details of Your Divorce with One of Our Experienced Family Law Attorneys Today!
If you are getting a divorce, you should think twice before you fight for the marital home. At Aharonov & Revy Family Law, LLP, our family law team will provide the advice you need to make the best choices for your future. You can rely on our team’s experience, knowledge, and skill to help you achieve the results you deserve.
Reach out to our family law firm today at (818) 960-1330 to request an initial consultation with a member of our legal team.