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Can you afford to keep the marital home?

On Behalf of | Oct 20, 2023 | Divorce

The end of a marriage brings with it a host of uncertainties. One of the most pressing concerns for many is the fate of the marital home. Can you keep it? Should you keep it? The answers to these questions can affect your emotional well-being and financial future.

Navigating this challenging time is never easy, but knowing your options is essential. This understanding will help you make the best decision for your unique situation, whether holding onto the home or letting it go.

What the court considers

The court looks at various factors when determining who gets to keep the marital home. These include each spouse’s financial contribution, the needs of any children involved and any prenuptial or postnuptial agreements. It’s not a simple formula but a complex equation that aims for an equitable outcome.

If you’re particularly attached to the home for emotional reasons or because it’s in the best interest of your children, make a compelling case. Your chances of keeping the home may improve if you demonstrate that it’s crucial for maintaining a stable environment for your family.

Assess your financial situation

Keeping the marital home isn’t just a matter of winning it in court. It’s also a matter of being able to afford it on a single income. Be honest with yourself about your financial situation. You’ll have to cover not just the mortgage but also property taxes, utilities, maintenance and other costs associated with homeownership.

Remember, the marital home is only one part of the property division that you’ll go through during a divorce. Taking the time to consider everything from a logical point is much better than focusing on the emotional side of the matter. Having someone on your side who can help you to focus on logical points is beneficial.