Should I Keep the House or Not? Financial Advice for Del Mar Residents Going Through Divorce, PART 1

This four-part article series poses a series of questions to help people going through divorce decide whether it is in their best financial interests to keep the house or to sell it and split the money.

Going through divorce can be a terribly difficult and tumultuous experience. Not only are you trying to cope with the emotional ramifications of splitting from your partner, but now you've got to organize the splitting of all your joint assets too! The question many Del Mar residents ask their financial advisors at this time is: "Should I keep the house?"

It can be tempting after all, your entire house is also your home and it can feel like a safe haven from the full-force emotional storm that is causing havoc in every other sphere of your life. Having to pack up the house and go through the long and arduous task of marketing and selling it can seem like too much at this fragile time. Then, of course, there's the fact that property is a major asset and holding on to it after divorce can seem like you're walking away with the better end of the deal.

However, in this time of great change, it is absolutely fundamental that you make all the necessary considerations before deciding whether to hold on to the house or not. Sure, it may be the better decision for you in the long run, but it might also not be, which is why the residents who are going through divorce should consider the following six questions relating to wealth management in Del Mar.

We shall be exploring these questions in this four-part article series.

Should I Keep the House?

Question # 1: What Does Your House Mean To You?

It may be your immediate and strong impulse to want to hold on to your house. It's where you've lived, loved and raised your kids for years and after all the loving attention and investment of time and money you've made, it has become an extension of your very being. But ask yourself whether these are good enough reasons to hold onto the house after divorce. Could staying be holding you back financially and emotionally?

Del Mar financial advisors often recommend to clients that they make a list of all the things they love about their home. Oftentimes, criteria such as its location, its proximity to schools, the neighborhood, etc. come up and in most cases; these criteria can be achieved elsewhere. There are many lovely neighborhoods, many of which are close to good schools. It is possible to find a new house in Del Mar that meets every item on that list you have made about what you love about your home.

You need to separate your emotional attachment to your house from its more practical benefits, because the latter can easily be found elsewhere. And if it does make financial sense for you to move to a new home, you shouldn't allow sentimentality to prevent you from moving forward, financially and emotionally.

Stay Tuned for Part 2

Stay tuned for the second installment of this four-part article series to read more financial advice on whether Del Mar residents going through divorce should hold on to the house or not. In Part 2, we'll examine advice surrounding the following question:

How long do you plan on staying at your home if you do keep it?