Your main goal during your divorce is to keep your house. You’ve decided that you need that sense of stability; maybe your children do too. You want to keep the home, which is a marital asset that you own with your spouse.
It is possible to do this. You may be able to buy out your spouse’s ownership or let them take other marital assets. But there are a few things to consider when deciding if this is the right choice.
1. It gets more expensive
To start with, you just have to determine if keeping the house will be affordable for you. On one income, you need to pay property taxes, utilities, maintenance and upkeep costs, mortgage payments and much more. It may be wise to write out a budget simply to see if this will be affordable.
2. You probably have to refinance your mortgage
Additionally, even if your spouse agrees to let you keep the house, they probably don’t want to stay on the mortgage with you. If they did, they would be theoretically responsible if you missed payments. You can refinance the house in your own name to prevent this from happening, but it will depend on whether you qualify for the mortgage on your own.
3. It may not feel like a fresh start
One thing that many people want after a divorce is a fresh start. They want something different in their life and they want to focus on themselves. Staying in the same home can sometimes be difficult because it doesn’t really feel like things have changed. You just have to consider what makes the most sense in your situation—especially if you have children who will also be living in that home.
Asset division is just one aspect of divorce to consider. Be sure you know exactly what legal options you have.
Subscribe To This Blog’s Feed
