200912.06
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Should you keep the house as part of your divorce settlement?

The decision to keep the matrimonial home as part of your divorce decision is often an emotional one but there are many considerations before committing. At least one parent of the relationship often wants to keep the house for stability for the children.  As parents we all want what is best for our children, but is this decision best for us? 

Financial Considerations 

If there is a mortgage on your home, then you will have to re-qualify for a mortgage or home equity line of credit on your own. This present debt may grow even larger if you have to pay out your ex a share of the existing equity in your home to even out assets as well. 

Once you have qualified, will you be able to afford the monthly financial obligation to service this debt? You may also have present or future upkeep costs, utility costs, property taxes, etc. 

These financial responsibilities must be thoroughly considered so that you are able to manage your financial obligations. 

Other considerations 

Beyond the financial considerations, we must consider whether we will have the time and energy for upkeep on our home. You will now have the sole responsibility for all upkeep, when duties may have been shared before. The house must be cleaned and maintained, the walk shoveled, the grass cut, etc. 

Before insisting that you must keep the house for the children, give serious thought to all of the ramifications; you owe it to yourself and your children.