#1: Can You Afford to Buy Out Your Spouse?
In Virginia, the courts would divide the marital property equitably in a divorce. If you want to keep your home, you will most likely need to buy out your spouse’s equity in the house. To decide whether you can afford to do this, you will need to determine the value of your home.
If you decide to pay your partner their equity, you may not need to pay them in cash. You could propose offsetting the cost of their equity by giving them a larger share in other assets, such as a motor vehicle or investment accounts, or by making payments to them over time. However, it is essential to consider whether you can really afford to do this and whether this is a sacrifice you want to make.
#2: Can You Afford the Upkeep for the House?
You also need to think about whether you can afford to maintain the home if you keep it. You do not want to sink a lot of your assets into buying out your spouse only to discover that you cannot afford to pay the costs of owning your home. Expenses you will have to pay include:
- Mortgage payments
- Taxes and insurance
- General maintenance
#3: How Long Would You Stay in Your Home?
Another consideration is how long you would plan to remain in your home. If you plan to sell your home and relocate in a few years, it may not make sense for you to pay the cost of buying out your partner and the expenses of owning the home. You may want to use your equity in the marital home to relocate while your divorce is being finalized.
#4: Is Staying in Your House Best for Your Children?
If you have children, an important consideration is whether they should remain in the home or get a fresh start by moving somewhere new. A divorce can be stressful for children, and it could be more challenging for them if they have to switch schools and make new friends if they move.
Do you have other questions about whether you should keep your marital home in your divorce? Do you need assistance in filing for divorce? Our experienced family law lawyers are here to answer your questions and protect your rights in your divorce. To learn more about how we can assist you, call our Norfolk office at 877-960-3441 or fill out our convenient online form to schedule your free initial consultation today.