Divorce and Your Home
Where will I live after the divorce? This is one of the biggest questions people face when they are going through divorce. Much time and energy are spent on who will get to keep the family home. While the desire to keep the family home is usually fueled by emotion, I encourage you to look at some of the practical matters before deciding if you want to keep the house.
Can you afford to keep the home? Prior to the divorce, the current household income supported this one house. After the divorce, the same income will need to provide for the expenses of two houses. It is important to make sure there is income that can support the current home as well as a second home for your spouse.
Most mortgages are held by both spouses. If you receive the home in the divorce, you will now be the only owner of the house, which means you will need to refinance the mortgage. There are several factors to consider in this situation. You need to make sure you will qualify for the mortgage which is based on your assets and income after the divorce. You also need to understand that your payments could increase if interest rates have increased since the time you obtained the initial mortgage.
There are additional expenses that could result to maintain the house after the divorce. For example, if the spouse that mowed the lawn is the spouse to move out, you may need to hire someone to complete these tasks.
I understand the emotional importance of keeping the home and in many situations, it can work out for one of the spouses to keep the house after the divorce. I encourage you to go into the situation with eyes wide open so you aren’t surprised or put in a stressful situation after the divorce because of lack of planning.
I invite you to click the link below and we will send you our free Empowered Divorce Guide. This is a workbook that will guide you through this process as well as two other vital steps to prepare for divorce.
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If you are feeling overwhelmed and would like to discuss these matters with a professional, we offer a free 30-minute call to walk you through the guide and answer your questions.
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