Many divorcing couples fight over who keeps the house for several good reasons. Buying and moving to a new place can be costly. If you have primary custody, keeping the family home might also help give your children some sense of stability.
However, keeping the house after your divorce might not always be for the best. Here are several reasons why:
Upkeep might be expensive
You will likely be the sole breadwinner after divorce, so you will probably shoulder upkeep-related expenses yourself. On top of mortgage and taxes, you usually have to pay for utilities, repairs, maintenance and improvements. Considering that some of these costs tend to increase over time, it might be wise to consider a home that is a better fit for a tighter budget.
Too many memories
People usually want to move on and start anew after divorce. Living in the home you shared with your ex might make this more difficult, especially if your separation involved negative emotions and circumstances such as betrayal and abuse.
Selling later might be unideal
Some people fight for the house so they can sell it later. Unfortunately, such a tactic comes with its share of risks. For one, your house may dip in value because of factors beyond your control, which means you could sell it at a possible loss. Furthermore, even if your home appreciated over time, selling it might subject you to hefty capital gains taxes.
Divorce property division is often more complex than it seems. Your divorce lawyer can advise you on the pros and cons of fighting for the family home, helping you make informed decisions that will likely influence your future and your children’s.