7 Reasons Why a Couple Should Maintain Ownership of Marital Residence After Divorcey com
Divorce is one of the most challenging experiences that a couple can go through in their lives. It is a process that can be emotionally, physically, and financially draining. Among the many decisions that need to be made during this time, one of the most significant is what to do with ownership of marital residence. While the easiest solution for many couples is to sell the property and split the proceeds, there are several reasons why a couple may want to consider maintaining ownership of marital residence after a New Jersey divorce.Stability for Children
Divorce can be especially difficult for children. Maintaining ownership of the marital home can provide a sense of stability during a time that may otherwise be marked by uncertainty and change. Children may feel more secure knowing that they will remain in the family home, even if their parents are no longer married. It can be a traumatic experience for children to move out of their familiar surroundings and leave behind their childhood memories. By keeping the family home, children can continue to have their own space and maintain their routines, which can help them adjust to the new reality.Familiarity and Comfort
A marital home often holds sentimental value and is filled with memories of shared experiences. Maintaining ownership of the home can provide a sense of familiarity and comfort, which can be especially important during a difficult transition. The home may be connected to special memories, such as the wedding day, the birth of a child, or other significant events. It can be difficult to let go of these memories, and by keeping the home, both partners can continue to feel connected to those memories. This can help to ease the emotional burden of the divorce process.Financial Benefits
Maintaining ownership of the marital home can also provide several financial benefits. If one spouse is able to buy out the other's share, they can continue to build equity in the property over time. Additionally, if the home is sold at a later date, both parties may be able to benefit from any appreciation in value. This can be especially beneficial if the housing market is in an upswing, which can result in a higher sale price. Furthermore, keeping the home can be a more affordable option compared to selling, which can require paying real estate agent fees, closing costs, and moving expenses.Avoiding the Hassle of Selling
Selling a home can be a complicated and time-consuming process, especially during a divorce when emotions may already be running high. Choosing to maintain ownership of the marital home can avoid the hassle of selling and potentially reduce stress during an already difficult time. Selling a home often requires preparing the property for sale, listing it on the market, coordinating showings, and negotiating with potential buyers. By keeping the home, both partners can avoid this process and focus on rebuilding their lives.Delaying a Sale During a Soft Housing Market
If the housing market is soft, it may not be the best time to sell a property. Maintaining ownership of the marital home can allow a couple to delay a sale until the market improves, potentially resulting in a higher sale price. By keeping the home for a longer period of time, both partners can benefit from any appreciation in value, and they can sell when the market conditions are favorable.Avoiding Capital Gains Taxes
If a couple chooses to sell their marital home, they may be subject to capital gains taxes if the property has appreciated in value since they purchased it. By maintaining ownership of the property, they can avoid these taxes altogether. This can be a significant financial benefit, especially if the property has appreciated significantly since it was purchased.Emotional Attachment
Finally, it's important to consider the emotional attachment a couple may have to their marital home. Choosing to maintain ownership of marital residence can allow both parties to continue to feel connected to a place that holds a special significance in their lives. This can be especially important if the home is situated in a community that they are both familiar with, or if it is located near family or friends. By keeping the home, both partners can maintain their social connections and continue to feel a sense of belonging.
In conclusion, maintaining ownership of marital residence can provide several benefits, both practical and emotional. It is important for couples to carefully consider their options and choose the path that is best for them and their family. By taking the time to weigh the pros and cons of keeping the marital home, couples can make a decision that will benefit them in the long run and help them move forward with their lives. If you have any questions about a divorce, call 201 845-7400 for a free consultation.