During divorce proceedings in Massachusetts, a big decision that a couple may have trouble making is how they will handle the marital home. Typically, they both may have emotional ties to the residence. A couple of options for dealing with the marital home during the divorce process is to sell the house or to simply have one party keep the home.
Keeping the home may be a viable option for the spouse who will end up having physical custody of the children. After all, if the children can stay in the same home during and after the divorce, the transition that comes with the breakup of a marriage may be easier for them to navigate. However, keeping the house can be challenging from a financial standpoint.
A home may be too costly to maintain in the years ahead, especially with just one spouse’s salary following the divorce. In addition, the spouse who decides to keep the house may have to agree to give up other marital assets, including cash, in exchange for being able to stay in the home. Unfortunately, this may mean that he or she will be cash poor following the divorce, which can cause financial headaches down the road.
Determining the best option for addressing the marital home during the divorce process can understandably be challenging and even overwhelming. The family home is often one of the biggest assets a married couple will have; many times, it’s the largest. A family law attorney in Massachusetts can help with making the most educated and personally beneficial property division decisions considering the circumstances surrounding the divorce.
Source: U.S. News & World Report, “Divorcing? Should You Divorce Your Home, Too?”, Geoff Williams, Oct. 11, 2017