Individuals who are getting divorced in New York may be tempted to hold onto the family home, as they feel emotionally attached to it. However, such attachments can easily hamper savvy decision-making when it comes to financial matters. Here is a rundown on why it may not behoove divorcing parties to keep the family home post divorce.
Family home costs to consider
As part of a divorce settlement, an individual may choose to keep the house in exchange for other assets, but this decision may leave the individual in a house-poor situation. For instance, it may be necessary to pay most of one’s income just to cover the home’s mortgage payment. This same income will be needed to cover the annual real estate taxes.
In addition, divorced parties who keep their marital homes will also need to be able to cover electricity, gas, water, lawn care and pool care – just to mention a few home-related expenses. Regular upkeep costs are also important to factor in. Given the above, keeping the family home would be a wise move only if a divorcing individual has plenty of income and/or sufficient spousal support to cover the expenses associated with it.
How an attorney can help those facing this decision
Before deciding to hold onto the marital home, it may behoove any individual who is getting divorced in New York to consult a divorce attorney as soon as possible. An experienced attorney can assess his or her client’s monetary situation and, in turn, determine whether keeping the house versus other assets would best help the client to achieve his or her short- and long-term financial goals. Having such a high level of support and assistance throughout the divorce process can increase one’s odds of a much smoother transition into the future.