Dividing The HouseThe marital home is perhaps the most emotionally laden asset in divorce. More than just an investment with financial value, the house is a repository of memories, hopes and dreams, items purchased together as a couple, as well as a safe haven for the children.
What is the best way to value the house? To “divide” it? Should it be sold? Refinanced? Who should remain in the house? If the value of the house is to be divided, where will the money for an “offset” come from? You may want to keep the house at all costs, so that the children are not uprooted. But will you have the cash flow necessary to cover the costs of upkeep if, for example, your roof needs replacing? Can you afford the ongoing expenses associated with owning the home? Even if you can, is it in your best interest to keep part of your money tied up in an asset that you can’t easily liquidate to meet your needs should an unexpected situation arise. A divorce financial planner will work with you to answer all of these questions, to help you understand the financial implications of selling, refinancing, and/or remaining in the house.