Reply to Custody-Does the parent who can afford the house and hence same schools get the kids?

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Reply to "Custody-Does the parent who can afford the house and hence same schools get the kids?"

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[quote=Anonymous]It's not just about the initial asset division, (and you don't mention retirement accounts in there which is usually a big factor.). Through child support and alimony the combined hhi gets split, roughly.  This means you both will now have to pay for two households on the hhi you previously used for one.  In many cases that means both have to downsize.

You are smart not to take on a mortgage you may not be able to afford, (and neither should your xh.). That's why most people end up selling and splitting the profits for downpayments in condos in the same school district.  It's tough on the kids, obviously.    I wouldn't trade the equity in the house for cash, either.  It's true it would be nice to have a cash cushion but this is a catastrophic financial event that most people have to build back up from.  I would focus more on minimizing the changes for the kids, setting up a sustainable lifestyle long term, including factoring in retirement and college savings costs.

And if therapy to repair the marriage is at all possible, it's worth every penny compared to the divorce financial hit. 
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