If you're in the process of a divorce, and you own a home with your spouse, you may be thinking about asking for it as part of the settlement. Before you do that, you should really give it some careful consideration. Asking for the marital house isn't always the best option in a divorce. Here are three questions you should ask yourself before you ask for the marital house.
Do You Need It?
When it comes to the marital house, this is the first question you should ask yourself. Do you need it? You might want to have it, but if you don't really need it, it might be better to walk away from it. Not sure if you need the house? If you have minor children, and you don't want to uproot them from their friends and community, you might be able to answer yes to that question. However, if you don't have minor children, you might not need to keep the house.
Can You Afford It?
This is the second question you should ask yourself. Can you afford it? If the house isn't paid for, you're going to be responsible for the monthly mortgage payment, which may be more than rent for a rental home. Even if the house is paid for, if you get the house in the divorce, you're going to be responsible for the taxes, insurance, and upkeep. If it's an older home, the upkeep alone may be more than you can afford on your own. If you can't afford to keep the house, you might want to walk away from it.
Is It Worth It?
Once you've decided if you need the house, and whether you can afford it, you'll need to decide if it's actually worth it. This is particularly important if you and your spouse own other assets, including investment accounts, businesses, or cash deposits. If you can get more out of the divorce by trading the house for other assets, you may be better off making the trade. The last thing you want to do is take the house only to find out that you would have been better off financially trading for other assets.
If you're thinking about asking for the house in your divorce, make sure it's the best decision for you. Before you make a final decision, talk to a divorce attorney like Baylor Family Law. They'll be able to help you determine what the best course of action would be for you.