As a married couple in Clinton Township, one of the biggest assets that you have is your home. If you are going through a divorce, this piece of property can become the subject of a major fight between you and your ex. However, is it really in your best interest to keep it?
According to Forbes, many people, mostly women, are regretting their decision to ask for the house in their divorce. The reasons for keeping the house were many: they had children and did not want to uproot them; they wanted to avoid the hassle of moving out of the house; or they simply thought that the house was a greater asset than other marital property.
In truth, keeping the house is a big commitment and one that you should not enter into lightly. If you and your spouse both had to work to pay the mortgage on it, then the chances are pretty high that you will financially struggle to afford it. If something should go out like a hot water heater, you have to replace the roof or your home develops a leak, you could find yourself in unexpected debt. Maintenance costs are expensive: lawn care, removing snow in the winter, cleaning the gutters, re-staining the deck all dig into your wallet.
Home insurance and other fees can unexpectedly rise. For example, if you live in a planned community it is a good idea to consider the possibility that your home owners’ association dues could increase over the next several years. Property tax is another item to examine. Selling the home later could also be problematic, especially if real estate in your area is not really selling or your home is the most expensive one on the block. This information is for education only and should not be perceived as legal advice.