“Can I keep my home?” It’s one of the most difficult and heart-wrenching questions to answer. We know, because we’ve been in your shoes. We recognize the benefits to keeping it: stability for the kids, comfort of the familiar, less stress and disruption, and owning a (hopefully) valuable asset. We also know the potential drawbacks: upsetting memories, being house poor and unable to meet our expenses each month, a long drawn out fight with the ex over the particulars.
Deciding to sell or not to sell can be a very emotional process. Divorce and moving can be stressful and traumatic. The types of emotions that accompany divorce can range from anger, sadness, and fear, to relief, anticipation and excitement about new beginnings and what’s to come.
There are many practical considerations when it comes to divorce and the marital home. How do you split the asset? Can you refinance? Whose name is on the title? What happens with capital gains if you sell – who gets the deduction?