If your marriage is coming to an end and you are going through the mediation process, you and your spouse will need to hash out the details of your settlement through careful negotiations. Some of the key issues you will need to agree on include asset and property division. If you have a home, it will likely be a big point of contention during these discussions. However, you might want to reconsider fighting for the marital home during mediation. It might not necessarily be in your best interests to hold onto it and, in fact, it could ultimately become a major burden.
Why it Might Not be a Good Idea to Keep the Marital Home
Your home likely means a lot to you for several reasons, some of which might be sentimental, especially if you have children you hoped to raise in it. That said, it is important to be practical about what you choose to fight for during mediation.
Here are some reasons why keeping the marital home might not be a good idea:
- You might not be able to afford it: One of the biggest reasons why keeping the marital home might not be a good idea is because you probably cannot afford it on your own. In a two-income household, it was probably more feasible to make your house payments, such as your mortgage, insurance, and property taxes. However, on your own, you might not be able to afford all the expenses that come with owning a house. In addition to making these regular payments, you will also have to consider the cost of regular repairs or maintenance. If you cannot afford the upkeep, the home you love might become too much of a financial burden and you might end up having to sell it.
- You have to refinance your mortgage: Did you and your spouse take out the mortgage on the home together? If so, the only way to remove his or her name from it is to refinance the mortgage or sell the home. Generally, a mortgage company will not remove a spouse’s name from the mortgage simply because the marriage is ending, so you are going to have to refinance it, which might not always be practical.
- The only real way to know a home’s worth is to sell it: If your spouse does not fight you on letting you keep the home, he or she will likely still dispute the value of it. Generally, the spouse who wants to keep the home undervalues it while the other overvalues it. A certified appraisal can help settle this, but it is still only an estimate. The only way to know the value of your home is to put it on the market, which means someone is bound to get the bad end of the deal.
Contact an Attorney at Alternative Divorce Solutions Today!
If you are dissolving your marriage, you need an experienced divorce mediation team on your side. Contact Alternative Divorce Solutions today at (949) 558-2624 to schedule a free initial consultation!