“Can I keep my house?” It may be one of the very first questions you ask when considering divorce. Most of the time, couples are able to agree on who will keep the house. If you can’t, a Judge will make the ultimate decision as part of the equitable distribution of your property.
The decision may come down to two main factors: what is most practical for your family and what are your financial circumstances?
For example, the Judge may be persuaded to give the home to you in order to keep the children in their current school or to provide consistency for your children.
If you work from the home, or you have live-in childcare providers or pets, it may be difficult for you to relocate and duplicate the same type of living arrangement. It may make more sense for you to keep the house.
A judge will also consider your family’s financial position. Is a buy-out of the house feasible and are you or your spouse willing to forego other assets in exchange for the house?
If you are awarded the home, will you able to maintain it, and pay the bills and expenses after the divorce is final? The decision may just be based on whether the home is affordable.