Spouses who own their homes often disagree about how to address the marital home during the property division process of a divorce. It is common for both spouses to want to keep the house, which can complicate negotiations and lead to litigation in some cases. However, there are pros and cons to the retention of the marital home in a divorce.
The benefits of retaining a home
There are numerous pros to keeping the marital home when dividing property. Staying in the marital home can benefit those with minor children, providing more stability for the children and keeping them connected to their social support networks.
Staying in the space where they raised their children can also have emotional value in many cases. A home that already has some equity accrued can be more affordable than renting or trying to buy a new home on the current market.
People staying in their marital homes are usually familiar with the condition of the property and its maintenance obligations.
The drawbacks of keeping a home
There are also downsides to keeping a marital home. The emotional connection between the home and the marital relationship can be a negative factor. People may find themselves thinking about their spouses instead of healing and moving on with their lives. They may also find themselves enmeshed in social relationships where people associate them with their spouse instead of viewing them as independent people.
The obligation to share home equity can also deter a spouse from keeping the marital home. The spouse staying in the home may need to refinance and withdraw equity to compensate the other spouse. Otherwise, they may need to give up their claim to various other marital assets or accept responsibility for more marital debts.
Retaining one of the largest shared assets can create financial pressure. Not everyone can afford homeownership alone. Even those with the money to pay for the property may not have the time or physical capability to maintain the home without support.
Whether you keep your home in a divorce or not will depend on your goals, resources and circumstances. Working with your attorney to determine what is in your best interests and how to set yourself up for success after a split can help you make informed, positive decisions.