Family Law Blog

What to Do with the House during the Divorce

Wednesday, April 01, 2015

The marital home is one of the most contested assets during a divorce. It's rare that spouses can easily agree on what to do with the marital home.

However, you might find that the decision that you make is not entirely in your financial well-being. Very often, persons, especially women, make the decision to retain the house during the divorce. The reasons for this are very often emotional. Women may have a deep emotional connection to the home, and may not want to dispose of it. Besides, if there are children involved, women may believe that the children will prefer living in the home, and that the sense of continuity that this will provide them will make the divorce easier on them.

That may be a valid reason, but it doesn't change the fact that retaining the house could be a big mistake and a financial drain. Keep in mind that after the divorce, you are likely to have different financial circumstances from now. You will have a single income, and have to maintain all of your expenses on very limited income. Even with alimony payments and child support, you may find that the money simply isn't enough to pay for the upkeep of a home.

Remember, maintaining the house is expensive, and apart from utilities, and repair expenses, you're also looking at a variety of taxes that have to be paid regularly. When the house is linked to a mortgage, then you have mortgage payments to make as well.

Instead, consider disposing of the home, and selling it off. You and your spouse can divide the proceeds. This is one of the more convenient, and cleanest ways of dividing the house. However, selling the house is not without its problems. There may be tax complications to consider. Speak to a divorce lawyer in San Jose before you make any major decisions about division of assets.