Deciding what to do with your marital home is an issue you will likely have to resolve in your upcoming divorce. For various reasons, like sentiment or the desire to raise your children in the house they grew up in, you might want to keep the marital home after your divorce. However, you might find that holding on to your marital home cost you a lot more than you bargained for.
Homes require upkeep, so depending on how large your house is, you may have a lot of bills to pay on the home. The burden of keeping up an expensive home can sometimes be too much for a parent with a single income. Business Insider explains the various costs generated by an expensive home.
Paying utility bills is par for the course for any homeowner, but if your home is large in size, you will have to pay a lot more than the average homeowner. A bigger home means you need to pay more to provide it with electricity, heat, or cool air. If you own a large residence like a mansion, you may end up with utility bills of up to $3,000 each month.
Many homeowners like to keep up a good curbside appeal with a nicely maintained front yard or façade. However, very expensive homes can have large grounds that require a lot of landscaping. Wealthy homes with a lot of land can require $100,000 each year just to maintain the grounds. This does not take into account repairs that you might need if a storm or hurricane should damage your property.
If you own an expensive home, you may want security for your property. The size of your property, as well as the value of your home assets, will likely dictate the need for an expensive security system. You might use a video surveillance system to cover your property, or perhaps drones as well. Security for a major estate can rack up major costs, sometimes thousands of dollars.
Some people can afford to maintain a large home even after a divorce. You might work out a solution with your spouse to continue to maintain the home. As an alternative, you might agree to sell off the home and divide up the assets. Ultimately, the decision to hold on to a marital home depends upon your personal priorities and how you will view your financial picture following your divorce.