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Many divorcing couples with small children often decide to allow one spouse to remain in the house to avoid disrupting the children’s routines. This can be done with written agreement between the spouses. Equitably mutually agreeing on delegation of financial responsibility will allow your family to focus on what matters most: the children
A signed agreement drawn up by a mediator will help avoid questions surrounding responsibility for the maintenance, expenses, and future sale of the family home, whether it be to the spouse who remains in the home or an outside buyer. This reason alone is why it is important to know your financial position and how much each spouse can contribute. If one spouse fails to make their share of payments, it can negatively affect both parties credit rating and complicate the later sale of the home.
Be aware, some spouses are tied to the home, not only by their children, but by their own emotional investment. The house represents stability, a happier time and provides shelter from the trauma of divorce. In keeping it, they feel more in control of their situation. Some may think that keeping the home makes them the “Winner” despite the financial hardship it can bring. It is difficult enough to deal with divorce without later learning that unforeseen or UN-budgeted expenses have crept in and taken a big bite of an already tight budget. Be realistic about what is affordable.