The family home is likely the most valuable asset a couple owns. When Virginia couples divorce, the home is typically one of the items on the table when it comes to property division, but it is likely the one thing that is the most difficult to deal with considering the emotions and memories attached to it. Both spouses might wish to keep the home, but there are some important considerations to keep in mind when dealing with the family home in the divorce process.
Look at the financial picture
Divorce can be costly in many ways. People are moving from what is usually a two-income household to one income. It may be more difficult to live with just one income, so keeping the home may not be financially prudent for either spouse. If there is going to be a fight about who keeps the home, each person needs to evaluate the cost of upkeep, paying a mortgage (if there is one), taxes, insurance, bills, etc.
Selling the home
Some couples going through a divorce don’t even consider keeping the home, either because they can’t afford it or because it is a place of some bad memories they would rather move away from. They may sell the house and divide the equity, but that takes some cooperation between them. They will have to agree on which realtor to use, a selling price and how to continue to pay the mortgage until the home sells.
No matter what a couple decides to do with a matrimonial home during divorce, the decision is most likely going to be emotional. Developing a thorough understanding of one’s potential financial circumstances post-divorce can often prove invaluable when it comes to the division of marital property. An experienced attorney can carefully analyze one’s unique financial situation to help ensure the right decisions are made for critical items such as the matrimonial home.