As you prepare for the divorce process, you’ll create a property and debt division checklist. With this in hand, you’ll have a clear idea of the assets and debts to divide in your divorce, which gives you a leg up on protecting your legal rights and getting what you deserve.
You’re faced with a variety of important questions related to property division, such as whether you should fight to keep your family home.
While there’s no right or wrong answer, as it depends on your situation and financial circumstances, there are some things you can take into consideration:
- Your children: For example, if you’ll have physical custody of your children, you may want to keep the home so that they don’t have to deal with the process of moving.
- Future income: Don’t fight to keep your family home if you’re not confident in your ability to keep up with monthly mortgage payments and maintenance in the future. If you do, you’re likely to end up selling it.
- You can sell it and split the proceeds: If neither of you wants to stay in the home, you can sell it, split the proceeds and move on from this asset. This is also an option if you can’t make a final decision on who should stay and go.
Only you know if it’s a good idea to fight for your family home in a divorce. Should you decide that it’s in your favor to do so, learn more about your options and how receiving this asset will affect the rest of your divorce.