Property division can become a source of contention and frustration during a marital split. Divorcing spouses may come to near blows over who keeps the house or what to do with the house, but does it make sense to put up a fight?
WIFE.org offers guidance to help spouses decide how to handle property division. Under certain circumstances, it makes more sense to give the house up and focus on other assets.
Remaining in the home after divorce
One question that splitting spouses have to ask is how long they plan to stay in the house after divorcing. Just as it often takes a lot of work to find the perfect house, it may also take a lot of work to gain control of the house in a divorce. A spouse who does not plan on staying in the home for long after the marital split may not recoup the investment of time and money necessary to keep the house after divorcing.
Seeing the home as a symbol
The home may mean a lot more to one spouse than it does the other. Spouses should ask themselves what their marital home represents. Once they have that answer, they next need to ask if they can find what they noted as significant or symbolic in their marital home in an apartment, condo or another house.
It is not unusual for ex-spouses to co-own their marital home. This option helps to save on the cost of refinancing a mortgage, which can be quite expensive. Another benefit of co-owning the home is that both parties enjoy the home’s appreciation value.
Giving up the marital home in divorce could provide relief and peace of mind for years to come. Divorcing parties should take out time to identify their true priorities.