When seeking a divorce in Hackensack, New Jersey, you must make decisions regarding your assets and property. In many cases, one or perhaps even both spouses want to keep the family home, especially if they have children.
Holding on to a home for the sake of your kids sounds like a logical idea. However, you must make sure this decision does not cause any hardships for yourself or your children.
Weigh the advantages against the disadvantages
As you would when making any critical divorce decision, it is wise to look at the potential consequences, both good and bad. Below are several potential pros and cons associated with keeping the family home after divorce:
- Advantage: You and your children will suffer minimal disruptions in your home life and day-to-day routines.
- Disadvantage: If your funds are limited post-divorce, paying mortgage payments, taxes and utility bills can pose substantial financial hardships.
- Advantage: If you have already paid off a significant portion of your home mortgage, you may be able to manage the costs of keeping your house.
- Disadvantage: You will likely have to buy out your spouse’s share of the home, which can be costly.
- Advantage: Keeping the house for at least a short while can buy you time to make long-term housing arrangements.
- Disadvantage: You may discover that the emotional pain of living in a memory-filled home is hard for you and your children to endure.
Unfortunately, there is no one-size-fits-all solution for those wishing to remain in the family home. Weigh the pros and cons of this property division matter carefully to decide if you can continue managing the costs of your home after the divorce. Learning more about the property and asset division laws in New Jersey can also help you decide.