Once it’s official that you and your spouse have come to the end of your marital journey, you will have to reach an accord on custody and property division.
One major decision to weigh is whether you should fight to keep your family’s home. While there is no cookie-cutter answer to that question, below is some important information to keep in mind.
The stage of life you’re in
If you are a parent with young children, hanging on to the family home might be your focus to give the kids a sense of continuity and familiarity. They are still waking up in the same bed in their room in the house. They have all their neighborhood friends and get to remain in their school district. That can be worth fighting for.
Alternatively, if you’re an empty nester, now might be a great time to downsize and start over in a smaller house, condo or apartment.
Leverage the value of the home
New Jersey has a robust real estate market, and your house likely has significant value. If you decide not to keep the house, you might be able to trade your interest for your spouse’s share of the shore house or for more retirement benefits down the road.
Can you afford to keep the house?
If you are relying on alimony or child support to make the mortgage payments, those typically don’t last forever. If you have a 30-year mortgage, you might not be able to afford it later. Plus, the upkeep can become too much as you age.
Strategizing now can ensure that your present and future needs are met by the property settlement you receive in your New Jersey divorce.