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Should you keep the marital home in a divorce?

If you and your spouse are in a stalemate in your divorce, it is probably because you cannot decide on who should get the house. The marital home is arguably one of the biggest marital assets that many divorcing couples in the Punta Gorda area must split. It has more than just financial value. It is full of memories, and you have invested a lot of time, money and effort into it. 

You may not realize how much divorce changes things regarding the ownership of the home. It is important for you to consider the following issues about divorce and the marital home

You can choose who keeps it 

You and your ex-partner can decide on who should keep the home. You do not have to wait for the courts to decide who gets to keep it. If you and your partner can agree about who will take over the payments and upkeep of the property, the courts will take that into consideration in your divorce settlement. Keep in mind that you may be able to offer your former spouse other assets in exchange for their share of the home. 

An agreement does not erase financial obligations 

Once you know who will stay in the home, it is important for the person who is no longer keeping the home to refinance it to remove their name from the debt. Your divorce decree does not erase any financial obligations you have on it with the lender. You can sign a quit claim deed to remove your name from the deed, severing any legal claims you have on the property. 

Make sure you can afford to keep it 

Make sure you can afford your home if you decide to keep it. Your financial picture is going to be half of what it previously was, so you have fewer resources to help with ownership. You should consider maintenance costs, mortgage payments, insurance and other expenses that you may incur as the owner of the property. 

Depending on your circumstances, it may be in your best interest to let your spouse keep the marital home. You may find it is better for you to find a new one that is more suitable for your post-divorce financial situation. Before you make any decisions regarding the separation of your marital assets, you might want to speak to an attorney for guidance.

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