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Keeping the house may not be the best choice

On Behalf of | May 1, 2019 | Property Division

If you are considering divorce in New Jersey, you may be preparing for huge changes. Creating a parenting plan and deciding who gets the television, custom bedroom set and investment accounts. Even if the proceedings are generally amicable, it is still a stressful time. Carolann M. Aschoff, P.C., works with clients to ensure equitable property division for the best possible outcome.

The family home is frequently the most significant asset owned. According to Emma Johnson, several factors can help you decide if you should fight for the house or let it go.

  • One of the most important considerations is whether you can afford it. With a lower household income comes a lifestyle change. If you cannot pay for the mortgage, utilities and upkeep on top of the other expenses, it may not be worth the financial stress.
  • Houses often represent the family position and lifestyle you always wanted. Staying in the home can stop you from moving forward with your new life. A new house and furnishing can help you start a new life, putting the old one behind you.
  • Starting fresh and relying on yourself can be empowering. Whether you rent or buy, the decisions are yours. By making decisions based on finances, your choices are practical rather than emotional. As a result, not only do you maintain a stronger financial position, but you also teach your children how to be money wise.

If you decide to sell the house and split the proceeds, make sure you understand who gets how much. The profit is not automatically split 50/50. Visit our webpage for more information on this topic.