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Determine if keeping the house is the right choice

On Behalf of | Sep 23, 2019 | Divorce |

Your Nebraska home is likely the largest asset you have. If the writing is on the wall and divorce is around the corner, you may have difficulty deciding whether to keep it or sell it. At the London Law Office P.C., L.L.O, we often help clients file for divorce and assist in the settlement process, achieving the best possible outcome.

Divorce Magazine reports that homes often have significant emotional attachment and fighting to keep it may or may not be your best move. If you have children, and this has always been their home, uprooting them and moving away from friends and school can be a challenge. When a divorce is amicable, many parents opt to nest. This means that the kids stay put, and each parent takes a turn living in the home.

Situations in which there are no children, or the split is contentious, and nesting is not an option, it may come down to finances. Fighting to keep the family home is counterproductive if you cannot afford the mortgage payments, taxes, utilities and routine maintenance. Are you giving up other assets in exchange for the house, such as an IRA or 401k? If so, keeping the house may not be in your best interest long-term.

When it comes to the family home, there are generally three options. You can sell the house and split the proceeds, one spouse can buy the other out or you can decide to keep the property for now and sell it at an agreed upon time. An attorney can help you determine what option meets your needs best and ensure the settlement spells everything out clearly. Visit our webpage for more information on this topic.