Understanding What It Means To Keep The Marital Home
Your house can be one of your greatest assets. Parting with it can seem unfathomable but keeping ownership of it is not without cost, financial and otherwise.
The attorneys at Weinberg & Cooper, LLC, can advise when keeping the marital home is possible and practical. We understand the deep emotional attachment you may have to your home. We provide an objective perspective while compassionately recognizing the impact of such a decision.
When Is Keeping Your Home In Your Best Interest?
When you and your spouse decide to divorce or separate, the decision of who, if anyone, will keep the marital home can be difficult. There are benefits and pitfalls to keeping the family home, including:
- Your children may be comfortable and accustomed to living there.
- You may feel emotionally attached to the home.
- You might want to maintain your sense of place amidst so much change.
- You could struggle to keep up with house expenses on one income.
- You may be unable to manage the upkeep yourself.
- You might be forced to give up something else in exchange for the home.
Determining whether you can afford your house on one income is the most critical step. The mortgage payments, utilities, property taxes and general upkeep costs may be too much to justify after a divorce. We can help you decide whether sole ownership of the house is reasonable and then, if so, how to pursue it.
Representing Your Long-Term Financial Interests
Throughout a divorce, the division of your marital property, child or spousal support payments and other costs can all disrupt your financial stability. We will discuss what keeping the family home may cost, including a potential reduction in alimony, reduced ownership of other marital property and more.
With over two decades of experience, we provide a seasoned perspective on what is in your long-term interests within the property division process. When retaining the home is financially possible, we will aggressively and strategically advocate for you. If giving up your house is more practical and sustainable, we will diligently pursue other marital property that could better serve you.
Helping You Make The Tough Decisions
Divorce is seldom easy and when it involves a beloved family home, it can feel like there are no right answers. We can help you explore all your options and determine what is in your best interests.
We work with individuals and families across Bergen County and Northern New Jersey. Schedule an initial consultation at our Hackensack office. Call us at 201-580-3934 or email us today.