The marital home can be extremely important to both spouses, often for deep emotional reasons. Where we live is a big part of our identity. For women with children there can be fears about uprooting children from the home and possibly their school and friends as a result. While it’s certainly easier not to move residences when so much of your life is flux, staying in a home that you can’t afford will make things much harder down the road for you and your kids.
When deciding whether or not to remain in the family home, it’s important to set emotions aside and ask yourself practical questions like, will you be able to sustain payments for the mortgage? Can you pay property taxes, homeowner’s insurance, and regular maintenance? Will you have money set aside to cover inevitable pricey emergencies such as a leaky roof or a broken oil furnace? Are you prepared to have some of the money in your divorce settlement go towards buying out your spouse and their share of the home equity?
If the answer to any of these questions is “No” or “I hope so,” then selling your home might not be the wisest choice – or it might be. Talk to your attorney about the options.
Bari Zell Weinberger is the owner and managing partner of Weinberger Law Group in New Jersey. She is Certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney.