Going through divorce is tough enough when considering the emotional ramifications involved. Yet, once you throw in the financial aspects of marriage dissolution, you might find yourself uncertain of what approach you need to take. This can be especially true when dealing with assets like the family home. On its face, it might seem like fighting for these assets is ideal, but is it really in your best interests?
The risks of fighting for the family home in your divorce
There are several advantages to fighting for the family home, including stability and consistency for your children. But before you negotiate away other assets in return for sole ownership of the family residence, you need to keep the following in mind:
- You’ll be solely responsible for the mortgage and upkeep, which can be difficult to do with just your salary to support you.
- You might be forced to give up on other valuable assets that have long-term significance, like retirement accounts.
- There might come to find that living in the home is painful given the memories that you built with your spouse there.
- You could find yourself facing otherwise avoidable financial struggles.
So, what should you do with the family home?
Ultimately, that’s a question that only you can answer. You can choose to use it as a bargaining chip to acquire other assets you want, or you and your spouse can agree to sell the home and split any profits that are obtained. Just carefully think through what you want out of the future so that you can zealously advocate for what’s best for you and your children.
