Do I Keep or Sell the Matrimonial Home
July 3, 2008 at 2:09 am Leave a comment
Do I Keep or Sell the Matrimonial Home?
The question of what to do with the matrimonial home is frequently asked by clients in my consulting practice. What do they do, keep it or sell it?
The family home is an especially difficult consideration. For many, there are emotional ties, fond memories and the feelings of security. And the world around you assumes that in a divorce, the winner takes the home and the loser moves out. The truth is we all know that in divorce there should be no winner or loser because being smart about divorce means we try to avoid a war. But, while the home represent so much emotionally, it may not be the best asset for your financial security.
Here are some questions you need answered to help factor into your decision:
- Will your postdivorce income cover the costs to run your home?
- What is the outstanding mortgage?
- Why am I keeping it?
- Is it too much space, or just enough?
- If I decide to move, what are the associated selling and buying costs?
There is an interesting article I came across called “In Housing Slump, Breaking up is Hard to Do.” It refers to another consideration regarding the matrimonial home and that is, keeping the home in the divorcees hands until the slumping housing market recovers. For more details, see the article attached.in-housing-slumpfred-glassman
Consider these factors and any other items which are important to you and discuss them with the right experts when developing your postdivorce financial plan.
Entry filed under: divorce, finances, matrimonial home. Tags: .
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