As we all know, one of the biggest issues in a divorce is the family home. It all starts to get messy when the decisions of what will happen to it and who is going to live in it become a concern for the parties. Typically, parties go from having two incomes to contribute to the mortgage and other household expenses during the marriage to having only one income to contribute to those expenses after the divorce.
Below are important questions people need to ask themselves when they aren’t sure if they should keep their home when going through a divorce.
1.Is your marital home a great fit for your new lifestyle?
2.What is your house worth today?
3.What would be the cost to keep the house up?
4.Are you willing to sacrifice financially in other areas to keep the house?
5.Is there any equity in the house or are we “upside down?”
6.If there is equity, can I afford to buy my spouse out?
7.Do I have the income and credit to refinance if the Court so orders?
8.Would it benefit me/us more financially to sell the house?
Having to choose whether or not to keep your residence could possibly be one of the most difficult decisions you will have to make during divorce, as there are likely many good and bad memories associated with your marital home. Its always wise to give yourself time to think it all through very carefully. Everyone needs to be able to manage their assets and develop a plan for financial stability and security in the future.