What to do with the house in a divorce

By August 12, 2011Divorce

On behalf of The Marks Law Firm, L.L.C posted in Divorce on Friday, August 12, 2011

The largest, most valuable and arguably most important physical asset that needs to be dealt with during a divorce is a couple’s home. Regardless if a couple is going through the process of divorce in St. Louis or elsewhere in the country, dealing with the home and property division is critical.

Jeffrey Landers, a columnist for Forbes, explains that people view the home in different ways. Some view it from an emotional prospective while others place strictly monetary value in it. He also mentions that women are often hopeful of keeping the home, post-divorce.

Following one of Landers’ most basic rules of thinking financially and not emotionally, an individual must take a metal inventory on why they want to keep the house. For individuals with children, a home might be an attractive option to give the kids space to grow up; or perhaps the residence is near the children’s school.

Landers cautions that if most of the reasons someone wants to keep a home are emotional, it might not make fiscal sense.

He urges individuals to shop around and see what other living options are available to them. Perhaps they might stumble on alternatives that fill all the needs their house would, but make more financial sense.

But Landers boils much of this decision-making process down to whether or not an individual can afford the dwelling. People must take into consideration not just the actual cost of the home, but other expenses tied in to it, such as taxes, bills, landscaping and other maintenance needs.

Folks should recognize how this all of those expenses will adversely affect their budgets.

Source: Forbes.com: “Divorcing Women Need to Answer These Key Questions Before Deciding to Keep The House” by Jeff Landers: Aug. 4, 2011