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When Things Don’t Work Out…The Pitfalls Of Divorce. Who Gets To Keep The House, And Who Has to Move Out? Here’s What Happens To The Home During a Divorce

dividing-house-after-divorceRight when a couple decides to get a divorce, usually the biggest question is over who will keep the home. A home is usually the most valuable monetary asset that a couple has in the marriage. While, yes, the house can be worth a lot of money, sometimes one party wants to keep it simply because it can be extremely emotional to leave it, and, if you have young children, moving to a new house could send them into even more chaos than they are already about to go through.

Usually, the one who wants to keep the house has to buy out the other spouse's equity in the home. Sometimes, one partner wants to keep the house just for the sake of 'getting back' at the other where it hurts. You don't want to go broke trying to win an invisible competition. You should hire a financial advisor to decide whether or not you can even afford to do this. You've still got to continue saving for other things, including retirement. Realize that buying out your spouse might be the wrong decision financially. Be practical when running the numbers. You'll have to pay the mortgage solo each month, as well as utilities, repairs, and taxes. You won't have help any more from your spouse.

You must accept that your life is about to change, and that you are going to need to face reality about what you want and what you need. Everyone has to face some awful financial truths when going through a divorce. It's hard to be hit with the shock that you're going to now have a different lifestyle than you did when you had two incomes.

Divorces are very emotional, and it is important to not let it cloud your judgment when deciding to buy your partner out of the mortgage. Think about whats best for you in the long run rather than just the 'right now.' Don't hang on to the house just because you feel like its all you have left of your marriage.

2 thoughts on “When Things Don’t Work Out…The Pitfalls Of Divorce. Who Gets To Keep The House, And Who Has to Move Out? Here’s What Happens To The Home During a Divorce

  1. Steve

    I really want to keep the house, but I want my children to be able to stay where they've grown up. I'm kind of torn. My wife is the one that wanted the divorce, not me. Why do I have to give it up?

    Reply
    1. wpadmin

      Hi Steve. You'll have to do some serious thinking on this matter. And, honestly, it may not be entirely up to you. If you refuse to give up the house, your wife can fight you on it in court and the judge will decide. Try to come up with a compromise if possible.

      Reply

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