It is understandable and common practice among divorcing couples, to try to keep the marital home. Whether it is to keep stability in the lives of children or because there are emotional connections to the property, holding on to the marital home is often proposed in many property settlements.
Here are some considerations to ponder to help you make a decision that is right for you.
A lot of people getting divorced are not aware that the IRS, yes that IRS, recognizes that people getting divorced have an unusual situation that could benefit by some reasonable exceptions to their usual rules.
One that is often overlooked is the elimination of the 10% tax penalty for 401(k) withdrawals done as part of a divorce property settlement agreement. Read on to learn more.
Recovery from divorce takes time. How much time depends on a lot of factors: the length of your marriage, the issues leading to the divorce, and your own personal psychology. But for most people it will take two to four years to get through it all. The adjustments come as a shock at first, and then fade over time until you look back and say, “Wow…I feel normal again.”
It is important to take this period of recovery to do all the things you need to get your life back on track…especially right after your agreements are approved by the court.