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Consider these concerns before trying to keep your marital home

On Behalf of | Mar 11, 2024 | Divorce |

Deciding whether to keep your marital home during a divorce involves more than just an emotional attachment to the property. It requires a comprehensive evaluation of financial viability, future needs and the potential impact of owning this asset on your personal life.

Consider these critical points if you’re contemplating keeping your marital home.


You must assess whether you can afford the overall costs of the home on your income. This includes mortgage, utility, property taxes, maintenance, and insurance payments. You may need to review your budget closely to determine if staying in the home is financially sustainable in the long term.

Mortgage refinancing

If you decide to keep the home, you’ll likely need to refinance the mortgage solely in your name to remove your ex-spouse from the obligation. This process involves qualifying for a new mortgage. It’s essential to understand the refinancing requirements and to gauge your eligibility.

Equity and buyout

Keeping the marital home usually means compensating your ex-spouse for their share of the equity in the property. A critical step is an appraisal of the home’s current market value. You’ll need to negotiate a fair buyout amount, which may involve liquidating other assets or agreeing to a payment plan. Understanding the equity stake and developing a viable plan to manage the buyout is pivotal.

Emotional considerations

While emotional attachment to a family home can be strong, weighing these feelings against practical realities is important. Consider whether staying in the home will truly benefit your well-being and any children involved. Sometimes, starting fresh in a new place can offer emotional benefits that outweigh the familiarity of the old home.

Impact on children

If you have children, their needs and stability should be a top priority. Staying in the marital home can give them a sense of continuity and security during a tumultuous time. However, you’ll need to consider whether you can maintain their standard of living and support their needs from this location. If appropriate, discussing the situation with your children can also provide valuable insight into their feelings about where they wish to live.

Your marital home is only one aspect of property division, so you must consider every aspect simultaneously. Seeking legal assistance can help you to determine how to proceed with this aspect of the divorce process.