Choosing to divorce a spouse is tough. After all, not only must you face life without the person you promised to stay with forever, but you must also focus on your independent financial future. Because your house is likely your most valuable asset, you may want to keep it. Your spouse may have the same goal, however.
Unlike most other states, Louisiana follows a community-property approach to marital assets. That is, you and your soon-to-be ex-spouse probably own everything equally. Upon divorce, you can expect to receive 50% of marital property. Is it worth fighting for the house, though? To answer that question, you should ask yourself a couple of additional ones.
Do you have children?
Divorce can be challenging for all members of the family. Fortunately, you can likely take some steps to help your children better manage the end of your marriage. After your divorce, though, you want to provide a consistent, healthy and secure environment for your kids. Keeping your house may be an effective way to do so. That is, because your children have likely adjusted to life in your home, allowing them to continue to live there may make sense.
Do you have financial resources?
Your house is probably a marital asset that both you and your spouse own equally. If you want exclusive ownership of the home, you likely must come up with enough money to buy out your partner’s interest. Depending on the value of the residence, doing so may be difficult. Of course, if you have adequate financial resources or something else to exchange, you may be able to reach an acceptable agreement.
There really is no such thing as a standard divorce. On the contrary, the end of your marriage is likely to present unique challenges. Still, only you can decide which marital assets are worth pursuing in divorce litigation. If you choose to go after your home, you must be certain that it is the right strategy.