Should You Keep The Matrimonial House?
Do you want to keep the house you currently live in? The decision to keep it might make you even more emotional considering that every nook and crack of the house will remind you of how happy you and your former partner once was. Apart from the emotional considerations that you have to make, there are also a lot other factors that need to be considered. Why would you want to keep the matrimonial house after the divorce?
One side of you would tell you that keeping the house would be a good decision thinking that it would be best for the children. You don’t want to kids to go through rough changes after the divorce considering everything that they had to go through while you were negotiating. If you decide to keep the matrimonial house, the children won’t have to move to a new home. Their lives would be much like before except for a few changes that came with the divorce. As parents, you just want to make sure that your kids only get the best. And yet the real question is whether or not keeping the matrimonial house the best decision for you?
Considering The Finances
If you are still paying for the current mortgage of the house, then you should consider opening a new line of credit now that you are on your own. The mortgage debt might grow bigger or double if you have to pay off your spouse’s share of the equity of the home. Such issues need to be settled during divorce negotiations. If you and your spouse can talk about keeping the house and paying each your share for the mortgage payment, then that would be best.
You may also decide to liquidate some of the assets so that the mortgage debt can be paid in full and you won’t have to worry about monthly payments. Apart from the mortgage, you may need to consider the utility bills, property taxes and maybe even renovation costs. All these financial responsibilities must be considered before you decide to keep the matrimonial house. After all, you have to have an idea how you could manage your financial obligations.
Other Factors To Consider
Beyond all the financial considerations that you must deal with, do you have the heart to keep the house as to how to it was? Now that the divorce is final, you have the responsibility to keep the house functional, and the chores are now all yours to do. The house needs to be maintained. The garden needs to be mowed, and the walk needs to be shovelled. All these chores used to be shared with your spouse and now they are all yours to do.
Before you decide to keep the house, make sure you consider your finances as well as the other factors that may affect your decision. Give it serious thought. After all, you owe yourself and your children the peace of mind that comes with every home.