When is it worth migrating from a monolith to microservices?

Our team has been debating when the 'right' time is to break up our existing monolithic application. We're seeing some slower deployment times and increasing complexity, but also worry about the overhead of managing a distributed system. For those who've gone through this migration, what were the key indicators that made you decide it was time? Are there specific team size, traffic, or feature development metrics that helped with the decision? Looking for real-world experiences and advice on when the benefits outweigh the costs, especially for a team new to microservices.