When you go through a divorce, you have to make sure that you handle the property division aspect of the case appropriately. You need to make sure that you have a settlement that lets you start your new life off on a solid foundation.
The last thing you need is end up with a property division settlement that causes you stress. Make sure think about these points before making any decisions about the property.
#1: Can I financially afford to keep this property?
You must remember that you will only have your income to rely on after the divorce. Make sure that you can still pay any payments that are due on the property, such as the mortgage or car payment. It won’t do you any good to get the property only to lose it because you couldn’t make payments.
#2: Can I handle all of the upkeep for the property?
The upkeep for the property adds more expense to the overall cost of keeping the property. Insurance payments, maintenance costs, and taxes are some of the costs you need to consider that are in addition to the monthly payments that have to be made.
In the case of a home or a car, you also need to consider the cost of fixing things that break. Decide if you can handle the cost of a new roof, transmission, water heater, HVAC system and other similar repairs that might have to be done to keep the asset usable.
#3: Is there other property that I should keep instead?
Thinking about the property that is available might make you realize that there is a more viable option for you to keep. For example, if you have the option between a large home and a smaller home, you might find that the smaller home better suits your new single income.
#4: How will this property affect my future?
It easy to focus on just getting what you want now. Instead of thinking about right now, take the time to think about how each asset will impact your future. If an asset will constantly remind you of the bad times with your ex, it might be best to let it go.
#5: Why do I want this property?
Make sure that you want to hang onto the asset for the right reasons. Sentimental reasons or because it will better your life are good reasons to try to keep an asset. Trying to get back at your ex or keep things from him that he wants aren’t the right reasons.