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?

Del Mar Financial Advisors Explain The 8 Possible Financial Consequences Of Divorce and How To Avoid Them, PART 4

This four-part article series explains the many financial pitfalls associated with divorce and how women can best avoid them through careful research and the right planning.

Welcome to the final installment of this four-part article series on the possible financial consequences of divorce and what women can do to avoid or at least offset them.

To Briefly Recap:

Thus far, I've covered the following great tips, which I discussed with a reputable Del Mar asset management firm:

#1: You need to start squirreling away funds to sustain you through the expensive aftermath of divorce.

#2: Take the time to complete the things that need to be done before the financial and emotional turmoil hits at full force (put new tires on the car, get the children's teeth done, buy some clothing, etc.).

#3: Accumulate neat copies of all your financial documents and records, from wills, banking details, insurance policies and car registration to property deeds, trusts and tax returns.

#4: Don't overlook any assets. Make a detailed inventory list of all the items owned by you and your husband (of tangible and intangible value) and fight for half.

#5: Always consider the tax consequences of any financial decision you make in your divorce because they could see you walking away with substantially less than you deserve.

#6: Don't make emotional decisions and don't allow your anger, sadness or guilt to get in the way of your negotiations. Be professional and business-like, but keep things amicable. Only lawyers benefit from ugly divorces.

Let's look at those final two consequences and the lessons women should draw from them.

Consequences of Divorce # 7: Not Fighting for what's Rightfully Yours

You've loved him for years and ultimately don't want to hurt him. It's in your nature to be sensitive and supportive of those you care for, so it can be tempting to just walk away from many of the costlier assets you and your husband have accumulated and that he in particular covets. But, this can be a terrible financial decision for you. You are already going through the motions of a divorce... this is not about making friends.

You should be firm about getting what you deserve and what you need in order to move forward, not on the distant eventuality of being friends with your ex. So, for example, even if your husband's car costs more than yours, you should view the two as equal property and split the costs down the middle.

Consequences of Divorce # 8: Ignoring Your Own Career

It's far from uncommon for women to make their careers second or even third priority while married and especially with children in the picture. The shocking realization of this only hits after divorce, and with the added responsibility of supporting yourself without financial support from a spouse.

What You Should Do

"Prepare yourself to prioritize your career!" say Del Mar financial advisors. "Go for some counseling to determine which direction you want to take yourself in, perhaps sign up for a few online courses, update your resume and upload it to the social media sites available for professionals, such as LinkedIn. If you're bored of your current job, check out the job market for new, exciting opportunities or even think about starting your own business."

Divorces may represent the end in many respects, but they are also the chance for a new beginning.