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Should I try to keep an expensive marital home?

On Behalf of | Jul 15, 2021 | High Asset Divorce |

You and your spouse may have lived in a costly home during your marriage. Now that your marriage is ending, you probably want to stay in your home, which your spouse may be fine with. Still, there are some reasons why selling off the home and buying a less expensive place to live might be a worthwhile option.

Once your divorce is complete, you will not have the income from your spouse to help pay your home bills. As Kiplinger points out, you will have to pay for home costs yourself, which could be more than you can afford.

Costs of keeping up your home

If you have an expensive home, it may have many rooms that require maintenance and cleaning. This does not count the repair or renovation expenses that could come up if your home suffers damage from a storm, a fire or a pest infestation. A large and elaborate home will also have higher utility bills due to the increased need for electricity and water.

Some expensive residences have gardens. You have probably paid for a gardener. You will need to consider how much to spend to keep hiring one. If you have a large lawn, you may need money to pay for someone to mow the grass. You should also think about the taxes you must pay on your home.

Divorce expenses

Be aware that even if you can put money into keeping up your home, you may have other costs that will make this difficult. You may have incurred legal fees for your divorce, plus your divorce settlement may require you to pay spousal or child support. In the end, you might find owning a smaller home or living in an apartment will be more sustainable.

Making the proper decision

Ultimately, it is up to you if you want to stay in your marital home. It will likely depend on whether you have a well-paying job or the state of your assets. Some spouses seek financial counseling to understand their money situation. They may find out if they can truly afford an expensive home once their divorce is over.