"But I Want the House!" - attachment to "Stuff" in a Divorce and how it can ruin your financial future

It happens all the time - usually women do it with the family home, but sometimes men will do it, too. They get stuck on the idea that they should keep the family home so that their kids will be able to stay in the home they grew up in. So many women fight to keep the family home - in the end, these women suffer the emotional devastation and enormous stress of struggling against losing the family home that they fought so long and hard for in a divorce.

The reality of divorce is that it costs more for two people to live apart than together. For most divorcing couples, the money that used to support the family rather comfortably in the family home WILL NOT support two households with two sets of everything - bedrooms, telephone bills, electric bills, rent/mortgage - many people do not realistically account for every penny that they spend on their homes, or they just were not involved in the family finances - either way, you should be very sure of the true cost of running a home - including having to hire people to do things around the house your former spouse once did - before you take on the responsibility.

The bottom line is, don't fight for property you can't afford to upkeep and maintain. Houses, recreational vehicles, snowmobiles, boats, 4-wheelers, second homes/timeshares, and cars, all have recurring expenses. If your post-divorce budget is not going to allow you to keep up with those expenses, then it is usually best to sell these things and share the proceeds of the sale with your soon to be ex, or let him buy you out. Just remember, always talk to a tax advisor about the tax implications of how you propose to divide your assets, so that you can make decisions about your financial future that are best for your specific situation.