A marital home often represents more than just a house due to its sentimental value. For many couples, it’s a reminder of their marriage’s journey through the years. However, when divorce enters the picture, a marital home can become a source of emotional and financial conflict.
When navigating this difficult time, it’s crucial to separate fact from fiction to make decisions that are truly in one’s best interest. Divorcing couples can explore some common myths about the marital home in divorce that could hold them back in order to make more informed decisions.
Myth: One must keep the marital home
One of the most pervasive myths in divorce is the assumption that spouses must fight to keep the marital home. Society perpetuates this misconception, especially towards couples who have children. Staying in the home that they grew up in can provide continuity for the kids as they process the concept of divorce. However, the financial price of keeping the family home might be too high a cost to pay for maintaining familiarity for the kids. It can be challenging for one parent to keep up with mortgage payments, property taxes, maintenance and insurance, which used to be shared costs during the marriage. If a spouse’s post-divorce income can’t comfortably cover these expenses, keeping the home may become a financial burden rather than a benefit.
Myth: The home is always the most valuable asset
Most people assume the marital home is the most valuable asset in their divorce, likely because of the sentimental value attached to it. While it might hold emotional and financial significance, its value is often outweighed by other assets like retirement accounts and businesses.
Fairly dividing assets requires a clear understanding of their long-term benefits. For example, the equity in a home may seem substantial. However, it doesn’t provide liquidity or growth potential like other investments. Focusing solely on the home could leave a spouse with less financial security in the long run.
The marital home is undoubtedly an important consideration in divorce, but clinging to myths about its significance can cloud a spouse’s judgment. To make informed decisions, spouses should strongly consider enlisting dedicated legal guidance and focus on their long-term emotional and financial well-being overall.
