The House In Divorce
When it comes to divorce, the family home is often a unique and challenging asset. Many people are reluctant to leave their home, as it represents security and stability for themselves and their children. I’m Katherine Miller, and I’ve been a divorce and family lawyer in New York City and Westchester County for over 30 years. I frequently encounter clients grappling with this issue.
The home often stands out as the major asset of the family, and unlike other assets, it cannot simply be divided down the middle. Deciding whether to sell the house or keep it can be incredibly disruptive, both emotionally and logistically, especially for the children. On the other hand, selling the home can provide the necessary funds to establish two separate households.
Another important consideration is the cost of maintaining the home. Many clients want to keep the house for the sake of stability, but this can lead to significant financial strain. If one person retains the home, they might face financial sacrifices, such as cutting back on other expenses, while the other parent may have more freedom to enjoy activities with the children. This imbalance can create additional stress.
There is no one-size-fits-all answer, but it’s crucial to carefully evaluate your options. Recently, I hosted a webinar with Dr. Ann Goldco, a mental health professional specializing in divorcing couples, and Laurel Sparks, where we discussed various strategies for dealing with the family home during a divorce. We explored concepts such as nesting arrangements, where the children remain in the home while parents rotate in and out, and also addressed challenges with appraising the home’s value, which can vary significantly.