Quatela Chimeri, PLLC

Is the home worth keeping after divorce?

Some individuals may feel that they are losing a great deal when ending their marriages. These feelings may be tied to the loss of companionship, a spouse or possibly physical assets. Because it is not unusual for individuals to get attached to their belongings, it is also common for parties to have difficulty dividing assets during divorce. However, holding onto certain property may not always be in New York residents' best interests.

The family home in particular is often a debated asset. Some individuals may feel that they have put a considerable amount of time into making the house a home, and the idea of losing that home could fill them with disappointment. This feeling may not be enough to overcome the possible difficulties that keeping the home could pose.

One way that holding onto the house could prove difficult is in a financial sense. Most individuals have two incomes that help make the mortgage payments, and after divorce, if a person keeps the home, he or she will likely have to take on those payments alone. As a result, that individual may not have the financial means to effectively keep up with payments and other financial obligations.

Though many New York residents may create fond memories in their homes and feel a considerable attachment to their houses, it may be better to move on in some situations. Therefore, individuals may wish to closely assess their particular circumstances before coming to a decision. Consulting with divorce attorneys may help concerned individuals determine what property division outcomes may work in their best interests and how to work toward those outcomes.

Source: investopedia.com, "Why You Shouldn't Keep Your Home After a Divorce", Laurie Itkin, Jan. 10, 2018

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