People who are going through a divorce often have to deal with considerable assets as they work through the property division process. One of the challenges with this situation is that some assets may have an emotional pull.
If you’re going through this type of situation, it’s critical that you learn how to balance the logical side of property division with the emotional ties to some assets. This may not be easy to do, but it may help you as you try to set yourself up for success after the divorce.
Consider the ultimate cost
The ultimate cost has to do with the financial toll that the asset will have on your future. Some assets, such as investment accounts, have a positive impact. Other assets, such as the marital home, may have a negative impact.
The marital home is one that almost always has an emotional tie. Instead of focusing solely on your feelings, you need to take an honest look at how your finances might be affected if you keep the home. Consider having to pay the mortgage, insurance, maintenance, repairs and other upkeep costs. Look at whether the budget that’s based on your sole income can absorb those expenses.
As you go through the property division process, you also have to remember that debts must be paid. This can have a significant impact on how the property division process is resolved in the end.
Working with someone familiar with divorce and your circumstances may help you to find the solution to the division. Thoroughly exploring the available options might make it easier for you to decide which one is best for your situation.