Like others in New Jersey, when you get divorced, the sheer number and range of decisions that you have to make can be overwhelming. For starters, you must figure out practical matters like who will be awarded child custody, what visitation plans will be set and if you or your spouse will need to pay alimony. Then you also have to work through some very deep emotions as a divorce is an intense personal loss.
Along with all of these things comes the need to identify which assets should be kept, sold or given to the other spouse in a property division agreement. Your family home may be one such asset that you rush to keep. Forbes notes that this is especially common for women. A home represents security, stability and emotional warmth. Therefore, the desire to retain a home is often led from an emotional standpoint, not a logical or financial one.
Allowing feelings to make the decision here may well be the wrong approach. The worth of a home is about far more than a current market value. Costs associated with maintaining it should be considered. This includes everything from mortgage, tax and insurance payments to regular maintenance as well as unexpected repairs. The cost and condition of a home can influence some of these costs dramatically. In the end, letting go of a home may be the wisest financial and long-term decision.
This information is not intended to provide legal advice but general information about how to assess whether or not keeping a home after a divorce in New Jersey is in your best financial interests.