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Do You Want to Keep the House?

Posted on in Family Law

keep the house, Crystal Lake Divorce LawyerFor many couples, the marital home becomes one of the central issues in a divorce case. A home is generally a large chunk of a couple's property; therefore, it will naturally be an important part of the property division process. Additionally, there are a lot of memories tied to a marital home. People can often find comfort in the stability that comes with keeping a house during a divorce. However, there are several practical concerns where keeping the house is concerned. These may not be enough to outweigh the possible benefits, but divorcing homeowners should keep these concerns in mind.

Marital Home Concerns

One main concern to keep in mind when deciding upon whether or not to keep the marital home is that houses are expensive assets. Often, a divorcing spouse's options will be to keep the house, let the other spouse buy him or her out of the house, or sell the house and split the proceeds. Of these options, two tend to leave a divorcing spouse with a bank account, while keeping the house leaves him or her with an asset in need of upkeep.

Houses come with a variety of costs that other assets do not. These costs can include paying for utilities, repairs, mortgage payments, and property taxes. Some of these costs may be able to be offset in the property division or spousal support processes, but that does not change the fact that keeping the marital home may be an expensive choice. This is especially true because families often purchase homes with both a husband and wife's income in mind. A divorce is going to mean an increase in expenses, and a decrease in income to the point where saving money and moving to smaller housing may make sense.

Possible Benefits

Considering the benefits to keeping the marital home is also important before making a decision. One of the greatest benefits is that a marital home can provide stability for children during the divorce. The children will get to keep the home they grew up in, stay in the same school district, and stay near their friends. Beyond that, the home also can provide stability to adults. It is perfectly reasonable for people to have strong emotional ties to the place that they raised their family in and to not want to give that place up. None of the issues above necessarily mean that a divorcing spouse has to give up his or her marital home. However, spouses should crunch the numbers to get an idea about how much keeping the home is really going to cost, so that they can decide if it is worth it.

Dealing with the marital home is just one common divorce issue. While each divorce is unique, having someone with experience on your side can be greatly beneficial. Contact an experienced Crystal Lake divorce lawyer today to learn more about the divorce process.

Source:

http://www.kiplinger.com/article/real-estate/T029-C000-S001-the-true-cost-of-owning-a-home.html

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