One of the central parts of your divorce agreement will be the division and allocation of assets. You will likely spend quite a bit of time on deciding who gets what. It is the California court’s job to make sure that this division is fair. Fair does not always mean equal, though. Fair simply means that you get property of equal value, which can spell trouble in some cases.
Specifically, when you start looking at your house. Like many women, your first instinct may be to fight for the house. After all, it is your home and you want to keep living there. However, U.S. News and World Report suggests that giving up the house when dividing assets could be the best option for you moving forward. Here are three reasons why you may not want the house in the divorce.
- You cannot afford the upkeep
You need to think long term when you are deciding what you want. It is important that you will be able to afford the costs associated with owning a home. Keep in mind this means all the maintenance and repairs the home will need, along with taxes and insurance. This can add up.
- You will have to give up too many other assets
A house is often the most valuable asset a couple owns, so if you want the house, you will have to be willing to give up many other assets. Even if your spouse is willing to give you the house, the court will require you to balance that out by giving up other assets. You could end up in a situation where all you own is in a piece of liquid real estate.
- It becomes a contentious point
Often, one spouse is not willing to give in when it comes to the house. If your spouse is not willing to just let you have the home, then you may end up in a situation where you have to buy him out. This will put even more financial strain on you.
Getting the house may seem like a big win in a divorce, but women often lose out when this happens. If you want the house, make sure it is the right decision for you.