Factors to Consider When Deciding Whether to Keep or Sell the Marital Home

Homeownership is the hallmark of financial stability, and it is harder now than ever for people who do not currently own a home to get in on the homeownership game. If you and your spouse decide to sell the marital home and divide the proceeds, you might both be renting for the rest of your lives, unless one of you moves in with your parents and stays in the parents’ home until he or she inherits it. The biggest reason that people sell the marital home in a divorce is because neither of them can afford to keep it. If you and your spouse have children together, then it is in your interest for one spouse to keep the house, even if that spouse isn’t you, because the house will eventually become generational wealth for your children. If the only way to accomplish your divorce is to sell your house, then you are part of a large group of people who lived beyond their means during their marriages, often out of economic necessity rather than extravagance, and had to face reality when they got divorced. For help negotiating a divorce settlement where you get to keep the marital home, or else a fair equalizing payment when your ex-spouse keeps the house, contact a Boca Raton divorce lawyer.

Can Either Spouse Afford to Pay the Mortgage on a Single Income?

Many homeowners young enough to still be in the workforce qualified for their home mortgages using both spouses’ incomes. Yes, you have built up home equity during your marriage, but that does not necessarily mean that just one spouse will be able to pay the mortgage on a single income. For one thing, the spouse that keeps the house will lose home equity, because he or she will need to pay the spouse that doesn’t keep the house an equalizing payment, sometimes also called lump sum alimony.

Is a Refinance Affordable?

Mortgage interest rates fluctuate all the time. Therefore, there is no guarantee that you will be able to refinance at an interest rate similar to that of your original mortgage. If you are determined to keep the house, it is best to take the best mortgage loan available to you, even if it is more expensive than you had hoped. In the coming years, you might be able to refinance again or modify your loan.

Can the Spouse Who Is Not Keeping the Marital Home Afford to Buy a New One?

Is the spouse who is not keeping the house getting a fair deal? Usually, the fairest thing is for the lower income spouse to keep the house. The higher income spouse, with his high income and his equalizing payment, may be able to buy another house.

Contact Schwartz | White About Giving Your Children Generational Wealth After Divorce

A South Florida family law attorney can help you find a way for your children to stay in the family home, even if you cannot stay.  Contact Schwartz | White in Boca Raton, Florida about your case.

Source:

floridarealtors.org/news-media/news-articles/2026/01/five-home-questions-ask-during-divorce