One of the most underestimated risks divorcing couples may face is getting hung up on property matters. Fights over marital property can become volatile, and often, neither spouse knows why they argue so aggressively.
This is the insidious nature of an emotionally turbulent divorce. Spouses can end up battling over any issue that may arise, particularly in property matters. Before you fight to keep the family home, understand how it may affect your post-divorce life and finances.
3 possible drawbacks
You probably have your reasons for wanting to keep your residence. For example, you may crave its comfort and familiarity during a difficult time. When considering the possibility of staying in the home, don’t overlook these potential disadvantages:
- Financial hardships: The maintenance and upkeep of a house can be expensive, especially on a single income. Weigh your economic resources against the possible expenses you may face. If you see a shortfall, consider letting go of the home.
- Trouble healing: Your home may soothe you initially, but living in a residence once shared with a loved one can be emotionally challenging. Try to look ahead and see how constant reminders of your marriage may affect you before deciding about the home.
- Unsatisfactory exchange: You will likely need to give up other forms of marital property to retain your home. Rhode Island divides marital assets as equitably as possible between spouses. If you get the house, it may mean sacrificing other property of generally equal value.
Every property and financial decision you make during your divorce could impact your future. Consider working with someone who understands how to guide your decision-making in your best interests.