HANDLING THE PROPERTY DIVISION DURING A DIVORCE
The property division process during a divorce is something that can be a challenge. One of the biggest assets that you will have to handle is the house, but before you get to that point, you need to think about some other points. All of this can be a challenge to contend with, but it is possible to make informed decisions if you take things one step at a time.
When you find out about the divorce, one of the first things that you need to do is take stock of what you have. Think about your income and the assets that aren’t going to be divided. You also need to think about what bills and expenses you will have to cover. These can be complex since you will have to figure out what you think your ex will pay and what you will pay. Before you think about hanging on to a single asset, you need to know what you can afford.
Knowing the amount of disposable income you are likely to have might help you decide between trying to hang onto the marital home or trying to find a rental. You might be surprised about the actual cost of upkeep for the marital home when you stop and write out what you will need for the mortgage, insurance, taxes and other costs associated with the home.
One thing that more and more couples are opting to do is to both keep their interest in the marital home. Some couples who have minor children are choosing to continue joint ownership of the primary home until the children are out of school. This might be feasible, but remember that it means you will have a financial interest in what happens with your ex and your ex will have one in what happens with you.
In all cases, you need to do what you feel is best for you. Think about the options and how they will impact you financially. You don’t need anything that will cause you stress later.
Source: CBS News, “Divorce tips for financial security,” Jillian Harding, accessed Nov. 30, 2017