Should You Keep Your Family Home After Divorce

Deciding whether to hang on to the family home after a divorce is a big decision, and it is not straightforward.

It depends on many different factors. Here are a few thoughts to consider when trying to determine your options for the family home when divorcing:

Emotional ties: The family home might have sentimental value, especially if you have children. Keeping the home could help provide stability and familiarity during a tough time. It’s important to think with your head and not just your heart and consider the finances as well.

Money matters: Can you afford to keep the family home? Consider mortgage payments, property taxes, insurance, and ongoing maintenance costs. Look at your income, expenses, and whether the home is affordable on your budget after the divorce.

Ownership and equity: Figure out who owns the home and how much equity is in it. If you and your ex-spouse own the property together, you must consider options like refinancing or buying out their share.

Other housing options: Investigate other housing options that are available to you. Renting a cheaper place or downsizing might be more financially sound in the long run.

Plans: Will keeping the family home help you reach your goals? Or will it hold you back or create financial problems? It’s important to find a balance between immediate needs and long-term objectives.

Everyone’s situation is different, and what works for one person might not work for another. By weighing the emotional, financial, and practical aspects, you and your spouse can decide based on financial data.

When you utilize the experts in the Los Angeles Consensual Dispute Resolution Family Law Association, you can let down your anxiety and stress because you will know that when your divorce is finalized, each party involved, including your children, will be ready to face the future with confidence.

Call us today to learn more about how our members at the LACFLA can help you and your family through the divorce process.

Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.