You want to keep the family home in the divorce: Should you?

On Behalf of | Aug 20, 2021 | Property Division |

There are many different ways that you can handle your home in a Colorado divorce. Keeping the property is only one option. You could convert it to a rental or agree to sell it and share any proceeds from the transaction with your ex. 

Some people immediately assume that keeping the house is what they want to do, but that isn’t always the case. You need to look at your situation carefully to determine if actually living in the house after the divorce is your best option.

Can you afford the house on your own? 

Many couples buy as much house as they can, meaning that they need the income of both spouses to qualify for the mortgage. You may not make enough to comfortably pay the mortgage on your own, especially after you withdraw some of the equity in the home to pay your ex. Being realistic about whether you can afford the home or not can help you make a better decision about where you live after your divorce.

Do you have happy or mostly sad memories attached to the house?

The more frequently you have moved and the less time you have lived at your current house, the more likely it is that there aren’t many positive memories associated with your current residence. Emotional attachment to a home is normal, but moving on may be the better option if the space is more likely to remind you of your failed marriage than happy times with your children. 

Being realistic about your house and other assets can help you secure the best possible property division ruling in your divorce.