May 29, 2024, In Divorce
Our Los Angeles family lawyer at WHITMARSH FAMILY LAW, PC, knows deciding whether to keep the family home after a California divorce involves many considerations because the decision impacts multiple aspects of life, both immediate and long-term.
The decision is multifaceted, requiring a comprehensive evaluation of financial, emotional, practical, legal, and future-oriented aspects to make the best decision for your circumstances.
Here, our Los Angeles County divorce attorney reviews these crucial factors so our clients can make informed decisions about an essential part of their divorce: their family home.
What are the Financial Considerations Associated with Keeping the Marital Home After a Divorce?
The first factor when considering whether to keep the family home after a divorce is affordability: Can you afford the mortgage payments, property taxes, insurance, maintenance, and other costs associated with the home on your post-divorce income?
Second, you must consider that if you want to keep the home, you may need to buy out your spouse’s share, which could require refinancing the mortgage or using other assets to compensate your spouse.
Finally, consider the home’s potential for appreciation or depreciation. Is it a good long-term investment?
The alternative may be selling the home and splitting the proceeds, which can give both parties a fresh start and financial flexibility, or agreeing to temporarily continue co-owning the house, especially if children are involved, and selling it later when circumstances are more favorable.
What are the Emotional Considerations Associated with Keeping the Marital Home After a Divorce?
One of the main reasons one spouse may want to keep the family home is to provide additional stability for their children. Keeping the home can provide continuity during a challenging time if you have children.
The second is the emotional attachment to the home. Is it a place where you feel comfortable and happy, or are there painful memories associated with it?
What Practical Considerations Are Associated with Keeping the Marital Home After a Divorce?
The state of the housing market directly affects the sale price. In a seller’s market, where demand exceeds supply, you can often sell your home for a higher price. Conversely, in a buyer’s market, with more supply than demand, you may have to lower your price to attract buyers.
In addition, in a strong market, homes tend to sell faster, reducing the stress and inconvenience of having your home on the market for an extended period. A slow market can mean longer times to find a buyer, which can be financially and emotionally taxing.
Would it be more advantageous to sell the home now or in the future? Do your research and speak with an experienced real estate agent before deciding.
Carefully weighing these factors can help you make a decision that aligns with your financial situation, emotional well-being, and plans.
Contact Our Skilled Family Law Attorney Today
If you need help effectively navigating your divorce, contact our skilled family law attorneys in Los Angeles County at WHITMARSH FAMILY LAW, PC, by calling (310) 552-3505 to schedule a free consultation today.
We can help ensure that the division of assets, including the home, is fair and in your best interest.
