Holding onto the family home is a common divorce mistake

A marital dissolution in Texas can certainly take an emotional toll on an individual, but it can be just as formidable financially. Because the financial aspect of divorce can be complex, divorcing individuals can easily make unwise monetary decisions — decisions that will haunt them in the years ahead. One of these decisions is to keep the marital home for oneself rather than selling it as part of the divorce proceeding.

Keeping the family home can be tempting, as divorcing couples have often poured large sums of money into their homes. The home may also be the one place where the children grew up. Furthermore, the home may be a symbol of security and comfort for the divorcing spouse who wishes to hold onto it. Still, deciding to keep the house after the divorce has been finalized can have negative consequences.

First, is the spouse who decides to keep the home able to cover the mortgage payment by himself or herself? Can this individual come up with the money required to fix the home when the need arises — for instance, to fix a leaky roof? Also, can he or she cover his or her property taxes each year? Ideally, the spouse would need to cover all of these costs while still being able to save money for a rainy day, for the children’s higher education costs, and for his or her retirement years.

Nothing about getting a divorce is black and white. Fortunately, an attorney in Texas can help divorcing individuals to make expedient financial decisions during their proceedings. The attorney’s goal will be to put his or her client in the strongest financial position possible, given the circumstances surrounding the divorce proceeding.