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4 reasons not to keep your home during divorce

People are often conflicted about whether or not to keep the house during a divorce. Some choose to sell, only to feel later like they should have held onto that investment. Selling at a down time in the market can cost you. Others keep the home, only to realize later that they should have started with a clean slate.

This is something of a personal choice, and it will be different for everyone. That said, there are a few valid reasons why you should not keep the house.

It's too expensive. Maybe you had a combined income of $500,000 when you bought the home. With the divorce, you're down to $200,000. You may not be able to refinance in your own name. Even if you can, do you really want such a high percentage of your income going to the home?

Will a new house will make you feel empowered and optimistic? You are really starting over on your own, and you can be excited about it.

The old house may trap you in the past. This is where you lived when your marriage fell apart. How are you going to feel living there by yourself? There will be constant reminders of your marriage everywhere. For some people, this isn't a big deal, but others need a new place to really move on.

Sometimes, selling your house will help your kids learn a positive lesson. It may show your children how to make good financial choices during hard times, for example, or it may help show them how to move on emotionally from difficult situations. Divorce may not be easy, but you never want to miss a chance to help your children.

Again, the answer here is different for everyone. Just make sure to carefully consider what is best for you and your legal options.

Source: Wealthy Single Mommy, "Should you keep the house in divorce?," Emma Johnson, accessed Feb. 23, 2018

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