The marital home where spouses live together could very well hold both emotional and financial value for them both. As such, disputes about possession of the marital home tend to dominate contentious divorces.
Before digging in to fight over the marital home, people who have accrued equity during their marriages may want to consider whether staying in the home is truly the best option available. Sometimes, people fight over possession of their homes when staying there isn’t ideal given their circumstances.
Will staying affect the ability to heal?
For some people, staying in the marital home is reasonable, possibly because they had a pre-existing connection to the property before marriage. If they owned the home before getting married or if it was passed down in their family, then staying in the home after the divorce might be reasonable.
However, for those who bought the home with their spouse and only lived there while married, the various marital memories associated with the property could diminish their enjoyment of staying in the home after the divorce. Additionally, staying in the same community where people might occasionally inquire about a spouse could exacerbate one spouse’s struggles to move on after divorce.
Is retaining the home financially and physically realistic?
Some couples can afford homes together that neither could afford on their own. Even with years of accumulated equity in the property, refinancing without a cosigner isn’t always achievable for homeowners facing divorce. Factors including the credit score and income of each spouse can influence whether solitary homeownership is a realistic goal to set.
Additionally, spouses need to consider the amount of work that goes into running a home without a partner. Many people find the challenges of solitary home ownership to be insurmountable obstacles. Unless a spouse has adequate income to afford the mortgage and professional services for tasks they cannot manage on their own, fighting to stay in the home might not necessarily be the best foundation for a brighter future.
In some cases, asking for a fair share of equity or other marital assets in exchange for giving up possession of one’s marital home is truly the best option. Every person preparing for divorce has different priorities and needs that ultimately determine whether staying in the marital home is an appropriate property division goal. Speaking with a skilled legal team about one’s options is, therefore, generally wise.