While divorce is an emotionally trying process, it can also be an expensive one. After all, state law requires that you divide your marital assets with your spouse, and child support and alimony may also come into play depending on the circumstances of your case. As a result, it’s natural to become defensive about every little issue that comes up. You’ll have to learn how to relinquish some assets, but doing so in a strategic way can give you a better foundation upon which to build your post-divorce life.
Therefore, figuring out the best way to approach major assets is imperative to successful divorce negotiations. One of the biggest assets that often comes into play is the marital home. Many divorcing individuals are left asking themselves whether they should advocate for retaining the family residence or let it go to their spouse. Let’s look at some key considerations you need to take into account here so that you can make the decision that’s right for you.
What to consider when dealing with the family home in property division
The family home is often contentiously fought over because its typically the most financially significant asset in the marital estate. There often tends to be sentimental attachment, too, particularly if a lot of time and energy went into renovating the residence or raising a family in it. That said, here are some considerations as you determine whether to fight for the home or allow your spouse to keep it:
- Your ability to maintain it: Keeping a marital home post-divorce can be expensive. There are mortgage payments that have to be paid monthly, repairs that can become costly and maintenance that can be time-consuming. You don’t want to get in over your head, so make sure you understand your capacity before aggressively fighting to keep the marital home.
- What you can get by using the home as leverage: If there are other key assets that you want out of your divorce, then you might be able to use the marital residence as leverage. For example, if you want a larger share of marital retirement accounts, then you might be able to give up the family home in exchange for those accounts. You can be strategic here to get the most out of the property division process.
- The funds you can secure by selling the home: For many divorcing couples, the best option is to simply sell the residence and split the proceeds in fair or even fashion. If you pursue this option, just be sure that you and your spouse get an acceptable price for the residence and that you’re obtaining your fair portion of the profits from the sale.
- The contentiousness involved: Fighting over the family home can become highly contentious given the stakes involved. Some people are willing to go toe-to-toe with their spouse to fight for the residence, while others simply want to get through their divorce as quickly as possible. Consider which option is best suited for you and your overall well-being.
Develop the divorce legal strategy that protects your long-term interests
There are a lot of issues that you have to address in your divorce. If you don’t have a strong marriage dissolution legal strategy to address each of them, then you can be left in a difficult position moving into the next chapter of your life. So, be sure to fully assess your circumstances and what you can do to get the most out of your divorce. By doing so, you’ll hopefully craft the divorce framework that leads to the outcome that you want and deserve.