How To Decide Your Family Home’s Future In Massachusetts

At Koiles Pratt Family Law Group, we have helped countless divorcees in Massachusetts decide the future of their marital homes. Without careful consideration, you could find yourself in a compromised position. Our qualified attorneys can evaluate your property division options and determine the decision that best matches your interests. Prior to attending your case assessment, it is a good idea to consider the following:

Financially Feasible Options

If you choose to keep the home, you must be able to afford the costs associated with home ownership, including:

• Mortgage payments, including qualifying for refinancing
• Utility bills
• Real estate taxes
• Maintenance, including repairs, landscaping and renovations
• Homeowners insurance

Also, If you choose to sell the home after the divorce, you may be required to pay capital gains taxes on your own. In contrast, selling the home as a co-owner will decrease the amount of taxes you will have to pay individually. You should also anticipate the costs of moving and legal, title and commission fees before deciding to sell the home.

How Selling Or Keeping The Home Affects Children

In addition to the financial considerations, the effect on your children may be a major factor in your decision. Selling a home may mean that your children have to change schools, move away from their friends and acclimate to a new city. However, keeping the home can reduce anxiety and offer stability during the transitional period.