How Can I Keep My House in a Divorce?
Posted on Jan 26, 2015 9:35am PST
With so many tumultuous changes occurring during a divorce, you may not
wish to leave the marital home. It is something solid and comforting to
hold on to, and it may be important to you to raise your children in the
house they grew up in. Aside from the emotional value the house has for
your family, it is almost always the most valuable asset in the divorce.
Choosing to keep the home should be something that you carefully consider
before fighting for this asset in court.
Two Reasons to Keep the Family Home
You need to balance your reasons for keeping the home with the financial
impact this action will incur. If you obtain the family home in a divorce
settlement, you will be solely responsible for paying any applicable taxes,
mortgage, and maintenance of the property. In some cases, it is simply
not worth it to remain in the house. However, if you consult with a financial
planner and decide that you can financially afford to remain in the house,
it may be in your best interest to pursue this asset.
There are two good reasons why the court may grant you the home:
- Children may become emotionally distressed if they must move as part of
the divorce.
- Emotional attachment to the home is too great to be ignored.
If your spouse can agree with these decisions, they may be willing to give
up the home in exchange for other assets. Oregon is an equitable distribution
state, which means that depending on the details of the divorce and personal
considerations, property will be split according to what is fair (though
not necessarily equal). Once spouse keeping the family home may conversely
mean that the other spouse must give up a significant amount of other assets.
Wondering how you can keep the home in a divorce? Retain a divorce attorney
that can work with the court or your spouse to develop a favorable settlement.
We invite you to contact us for a consultation.