Gregg R. Lewis

Trusted Family Law

Services In Columbus

Gregg R. Lewis
Trusted Family Law Services In Columbus

Keeping the marital home in property division

| Mar 3, 2020 | Complex Property Division |

Married couples spend years and even decades accumulating any number of marital assets. Some of these assets might be quite small or easily divided, such as one partner’s favorite piece of furniture or another’s book collection. More valuable assets such as the marital home present a greater challenge. Fortunately, remaining in that home after divorce is getting easier for many women in Ohio.

There are a number of reasons why it might not be advisable to keep the home after divorce. Upkeep costs, the mortgage and other related expenses can be impossible to keep up with on a single income. As a result, many couples choose to sell off the marital home and then divide the profits.

But many women — especially those with children — believe that since staying in the same house means fewer disruptions, doing so is the best choice for their families. Housing prices were on the rise over recent years, but are now leveling out to more affordable levels. This is a good time to have an expert review the value of a home and determine whether it has changed over time. Many women might be surprised to learn that their homes are valued at more affordable prices than before.

A woman must think about more than just her home’s new value. Even if a new mortgage and the upkeep costs are more affordable, that does not mean she can afford to stay in the marital home with her children. When considering which assets to keep and which to part with during property division — including complex assets like the marital home —  most find it helpful to speak with an attorney who is knowledgeable in Ohio family law.