Divorce can have far-reaching implications for your finances. In fact, a lot can be at stake, especially when it comes to property division. Things can become even more complicated if you are attached to certain marital properties like the marital home.
Truth is, the marital home is one of the most prized assets that a couple can ever own. It’s for this reason that most divorcing couples fight over the home. But is it worth it?
Here are two questions that can help you make an informed decision as far as fighting for the marital home is concerned:
How attached are you to the home?
One of the main reasons couples fight for the home is because they are emotionally attached to it. From having to raising kids, it’s not uncommon to associate the home with great memories. Consequently, letting go of the home can be a huge challenge for many.
However, it helps to consider whether the emotional attachment is commensurate to the legal and financial implications of owning the home. Suppose you fight and win the battle for the home, you will have to meet the financial costs associated with maintaining it. These can include property taxes, insurance, homeowners’ association fees, insurance and home maintenance among other costs.
What about the best interests of the children?
Another important consideration when making the decision to fight for the family home is how this will impact your children. Will the fight for the home lead to a protracted court battle that can impact the kids’ emotional well-being?
If you are getting divorced, you are likely mindful of what will become of the property you have earned during the marriage. While the decision to fight for the marital home is entirely yours to make, it’s important to take your time to understand how Florida property division laws work so you can make the best possible decision.