When it comes to deciding the fate of a marital home in a divorce, many spouses want to hold on to it and will put up a fight to keep it. Since some spouses possess a strong sentimental attachment to a marital home, contesting for ownership is understandable. Also, some homes are large, luxurious, and worth a lot of money. However, holding on to a marital home may not always be to your benefit.
Forbes explains that luxurious homes might also come with a lot of ongoing expenses. It may cost a lot to maintain a large home. Some couples need to hire people to mow their lawns and maintain their pools and gardens. Older homes in particular may require more money to keep up as components like the roof or gutters become old and require repair or replacement.
Spouses should also consider the current mortgage status of their homes. A divorce may occur before the spouses pay off the home mortgage, so ending up with a home could also mean you end up with a lot of mortgage installments that you will have to pay. Some homes also possess negative equity. This means you might possess a home with value that is less than the money you still owe on it.
Some homes are worth keeping. Couples may want at least one spouse to hold on to the house for the sake of children if they have any. Some marital homes also reside in a neighborhood with a lower tax base. Spouses may also possess enough finances to keep up a home after they end up with it. Discerning your likely financial state after your divorce is important, as you do not want to give up too many amenities just to hold on to an expensive home.