There are many things to consider when a marriage ends. There’s the emotional toll, the finances, the children’s custody, and many more. These considerations can be made more difficult when a house is involved. It’s a ton of decision-making and healing simultaneously, which is a little daunting.
When a couple decides to end their marriage, one of the first questions they’ll ask is what to do with their marital home. Selling the home and splitting the proceeds is the best option for some. This can ensure that both parties are on an equal footing financially and also helps both parties to move forward emotionally.
However, there are also advantages to keeping the marital home for yourself. Here are some things you should consider:
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1. You’ll have a place to live
When a marriage ends, one of the most difficult decisions is what to do with the marital home. For many couples, the house is their biggest asset, and it can be emotionally devastating to sell the family home and move. However, there are some advantages to doing the opposite after the separation.
One advantage is that you’ll have a place to live. If you have children, they may feel more stable if they can remain in the same house and attend the same school. Another advantage is that you’ll be able to keep your mortgage interest deduction on your taxes.
Renting a place to live is getting more expensive nowadays, and finding a good place to live can be difficult. By keeping the marital home, you’ll have a stable place to live and won’t have to worry about finding a new place to live right away.
2. You can keep your home as an investment
Keeping your marital home as an investment is another advantage you can benefit from. If you and your spouse own your home outright, you may decide to keep it and rent it out. Or, if you have significant equity in your home, you may want to keep it and sell it later.
Either way, you’ll need to discuss the implications of keeping the marital home with an expert divorce lawyer who can handle complex situations like this. They can help you understand the financial implications of keeping the home and advise you on the best course of action for your particular circumstance.
Investment properties can be a great way to generate income and build your wealth over time. By keeping the marital home as an investment, you can reap the financial benefits down the road.
3. You’ll maintain your current lifestyle
After a separation, you may be forced to make several lifestyle changes. One of the biggest changes is often your living situation. If you have decided to keep your marital home after the dissolution of your marriage, you can maintain your current lifestyle for at least a little while longer.
Of course, some challenges come with keeping your marital home after separation. For instance, you may need to make some financial adjustments to afford the house on your own. Additionally, you may struggle with feelings of sadness and nostalgia when living in a house that holds so many memories. But keeping the marital home may be a good decision if someone’s after practicality and stability.
4. You can use your home to help your children adjust
Parting ways with your spouse can be difficult and tense for everyone involved, but it can be especially hard on children. They may feel like they have lost their home and family and may have to deal with many changes at once.
Keeping your marital home can be a big help to your children as they adjust to the new reality. They will still have a place to call home, and they will be able to maintain some sense of stability during a time of upheaval. Of course, there are financial and practical considerations to consider, but if it is at all possible, keeping your home can be a big help to your children.
5. You can use your home for business purposes
If you have your own business, you may be able to use your marital home as an office or studio space. This can be a great way to save on overhead costs, and it can also be a big help if you need to keep a flexible schedule.
There are a lot of business opportunities that you can build inside your home. Freelancing and starting an online business are just a few possibilities. If you have the entrepreneurial spirit, using your marital home as a base of operations can be a great way to get started.
Considering whether to keep your marital home after separating from your spouse it’s important to weigh the pros and cons. It’ll all depend on your particular circumstances, but there are some definite advantages to retaining the house.