People typically approach divorce with unique goals. For some people, getting out as quickly as possible is the biggest priority. For others, maximizing their time with their children might be the most important consideration.
For those who purchased real property during a marriage, staying in the home might become their top goal. In some cases, both spouses claim to want to stay in the marital home, which may trigger protracted conflict and make settling property division matters more challenging.
Many people believe that retaining the largest shared asset is the equivalent of winning the divorce. They may fight intensely to stay in the home without considering the long-term implications. Contrary to the perception of many, staying in one’s marital home isn’t necessarily the best possible property division outcome.
Solo homeownership is a challenge
The home that two spouses purchased together may cost far more than either spouse could readily finance on their own. As such, it might be a challenge to refinance the property after the divorce. People have to carefully consider their finances, including their current income and their credit score.
They also need to think about whether they may need to withdraw equity while refinancing to compensate their spouse for the home’s value. People attempting to stay in the marital home can easily overextend themselves financially and may struggle to balance their budgets.
Home maintenance is another important consideration. What was easily achievable with two adults can be very difficult for one person to manage alone. Particularly if they find that the divorce strains their finances, outsourcing tasks to professionals might not be an option.
Additionally, the memories generated at the property can become a pain point after the divorce. For many people, a fresh start at a new location might be better than living at a house where they cohabitated with a spouse.
That being said, there are many reasons why people might prefer to stay in the marital home. Primary placement of their children could make staying in the home the best option. The children may find it easier to adjust to shared custody if they stay in the same environment and can connect with the same friends.
The house might be relatively close to where they work, which could be a reason to stay. There may have been pre-existing memories associated with the property if it was a family home, which might make it worth retaining in some cases.
People preparing for divorce negotiations may need to take some time to think practically about their circumstances instead of letting knee-jerk emotional responses dictate their conduct. Getting ready for property division litigation or negotiations requires clear priorities and an understanding of how the courts handle asset distribution if spouses cannot reach an amicable agreement with one another.