Trying to decide whether an asset is worth fighting for in the divorce has a few considerations. These are often difficult to go through, but it is necessary to ensure that you are fighting for the assets you need. You might be surprised to learn that some you thought you should fight for aren’t worth it and some you were going to let go are much better.
One asset that you have to be very careful about is the marital home. This is often the largest asset that has to be considered, but just because it is large doesn’t mean that you need to push for it. Here are some things to consider when you are trying to figure out what you are going to do about the house:
First, find out the status of the home. If there is a mortgage, you need to compare the balance with the market value right now. You also need to consider what is likely going to happen with it in the future. Will the value go up or down? A lot of thought has to go into this decision.
Second, you need to determine if you can pay the mortgage. A payment that was easy with two incomes might be impossible on a single income. This could mean that trying to keep the home would be a liability for you.
Third, look at the costs to keep the home in livable condition. You need to think about the maintenance costs, as well as the repair costs. While you are doing this, also think about the cost of insurance and taxes. On top of the mortgage, these costs might make the house more of a financial trap than you can deal with right now.
Source: Forbes, “Four Questions To Consider Before Deciding To Keep Your Marital Home,” Jeff Landers, accessed Feb. 09, 2018