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Should I keep my house in a divorce?

I'm in the midst of a divorce. My husband has no interest in keeping the house, but I'd like to stay here with my two twin daughters until they graduate middle school. We have no mortgage. I also have another asset that I can give my husband, which is worth about what the house is worth. Is this a smart financial decision?

Marriage / Divorce, Real Estate
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October 2016

In my opinion, it may not be the best financial decision, but of course it depends on a number of details surrounding your divorce.

Would your husband be willing to allow you to stay in the house until the twin daughters have graduated, and then when you sell it, half of the proceeds would go to him at that time?

The other asset that you referred to - did you mean that was worth about half of the value of the house? You wouldn't want to give him the full value, since half is yours.

You may want to consider the taxability of the other asset that you would give to him in lieu of the house, is it taxable? Will the sale of the house fall under the exclusion level of $250,000 above the cost basis as a single taxpayer? Also, what other assets would you be forgoing by doing this?

What type of other assets would you have access to in the event of an emergency? How about sources of income between now and when they graduate middle school - will giving the the other asset put you at risk in other ways?

Just a few things to consider in making your final decision.

October 2016
October 2016
October 2016
October 2016