There are those who make it a goal to keep their family home after a divorce. This may be due to having children. They want to keep the house so that the kids can keep living in it and stay in the same school system, or something of this nature.
There are plenty of positive reasons to try to keep the family home, but it is important to look at things from both perspectives. So, what are some reasons against keeping the house?
1. You likely have to refinance
To begin with, it may not be easy to keep the home. If you and your spouse bought it together, you probably need to refinance your mortgage to take their name off of it. This way, they won’t be liable for future payments. It may be difficult to qualify for the same mortgage on one income.
2. It can get expensive
You also have to consider that maintenance and upkeep on a home can be expensive. On top of that, you need to pay property taxes, utility payments and much more. It’s not just about being able to pay the monthly mortgage. The entire cost of the house has to fit into your post-divorce budget.
3. It may remind you of your marriage
Depending on why you’re getting divorced, keeping the home can be an unnecessary reminder. For some people, this makes it more difficult for them to move on. Buying a new home gives them a clean break as they restart their life.
Whether you decide to keep the house or not, be sure you know what legal steps to take during property division. Things can get complex, and it helps to have an experienced team at your side.