Deciding how to best handle the marital home in divorce can be very challenging. There is the emotional attachment to consider, and legal and financial ramifications must also inform your ultimate decision.
It’s essential to understand the pros and cons between keeping and selling your house to understand better which option is most beneficial for you.
Division of assets in Nebraska
Nebraska is a no-fault state, meaning that the court does not assign blame to either party for the dissolution of the marriage. Marital assets are divided according to the principle of equitable distribution. This means that all property acquired during the marriage, including your house, is subject to division, regardless of who holds title to it.
Keeping the house in a divorce can have several benefits, such as:
- Providing stability for children who may already be going through a difficult time due to their parent’s separation.
- Keeping the house can give you a sense of familiarity and comfort during a potentially challenging transition period.
- The value of a house may appreciate over time, which could be beneficial financially if you decide to sell it or use it as an investment property. Additionally, if you have built up equity in the home, it could provide a source of funding for future expenses.
- Moving to a new home can be disruptive, especially if it involves changing schools or neighborhoods. Keeping the house can avoid this disruption and provide a sense of continuity.
However, there are several drawbacks, including:
- Keeping the house can also result in a financial burden, as you may be required to buy out your spouse’s share of the home’s equity, which can be costly.
- As the home’s sole owner, you will be responsible for all taxes, maintenance and repair costs, which can add up over time.
- The home may also be a painful reminder of the failed relationship, which can be emotionally challenging.
It’s important to consider all the factors involved when deciding whether to keep the house in a divorce. Understanding both the benefits and drawbacks will help you make an informed decision.