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Should I fight for my marital home when divorcing?

On Behalf of | Jul 14, 2023 | Divorce | 0 comments

Your differences are irreconcilable. So, you’re getting divorced. This is, without a doubt, a difficult life experience for anyone. One of the most important decisions you’ll have to make (either during negotiations or with the help of the court) is how your marital property will be divided.

One of the most sought-after assets during divorce is – oftentimes – the family home. You may have valid grounds for claiming your family home. Perhaps, you are having primary custody and you want to maintain the status quo as far as your kids’ accommodations are concerned. But should you fight for the home during your divorce? Here are two questions you’ll need to ask before going all in for your marital home.

Can I afford it?

From mortgage payments to property taxes, home insurance and maintenance bills, home ownership comes with all manner of costs. While you were in a two-income household, chances are that you shared these bills. On your own, however, you might be overwhelmed by these expenses, especially if you are also expected to honor other obligations like child and spousal support. If you cannot afford your home, then fighting for it could be a consequential misstep.

Will you need to refinance the mortgage?

If you and your spouse signed up for the mortgage together, then the home belongs to both of you as far as the mortgage company is concerned. Most often, divorce is not grounds for removing one party from the mortgage. The only way you can remove your ex’s name from the home is through mortgage refinancing. But mortgage refinancing is not cheap. If you cannot afford to refinance the home, then you may benefit from moving elsewhere.

Protecting your interests

Property division can be a contentious subject during divorce. Learning more about Kentucky property division laws can help you protect your rights and interests while handling the issue of your marital home and any other issue that may be important to you. Seeking legal guidance is a good place to start.