When you get divorced, you need to make a lot of financial decisions. Will you sell the home and split the money? What about your other assets? What types of support do you need or deserve? Are you willing to spend more in court if your spouse fights you on anything? These are just a few important questions to consider.
As you do it, it’s wise to set your emotions aside. Don’t let them cloud your judgment. Also, don’t make financial decisions that might affect the rest of your life based on how you feel at the moment.
For example, maybe you know that it’s best to sell the house because the two of you can split the equity. Your home is worth more now than when you bought it.
However, you’re emotionally unable to let go of the hoe you shared together. You dreamed of staying in that house forever and can’t bear to let it go. You crunch the numbers to see whether you can afford to remortgage the home in your own name. You’re willing to trade off other lucrative and liquidable assets if your spouse will agree to sign off on the house.
You know it’s not a good financial decision in your specific case, although it could work for someone else. For you, giving up assets you will need like a 401k is a poor trade-off to wind up with mortgage payments you can barely afford on your own. But you want to do it because you’re emothionally invested in the property.
You can see why this mindset is problematic. Instead, take the time to review all of your legal options with your Sarasota family law attorney so that you can make the best decisions for your future.