When getting divorced, people sometimes spend a lot of time thinking about why they want to keep the house. Maybe they think it will provide stability for their children or perhaps they just love the home that they already own.
In some cases, it does make sense to try to keep the family home. But it is also important to consider things from the other side. With that in mind, here are three reasons why you might not want to keep the house.
You may need a new mortgage
First of all, you may have to refinance your mortgage if you’re going to keep the home. Your ex may agree to take other marital assets and relinquish their share of the home, but they won’t still want to be on the mortgage with you. You would have to refinance on just one income, and some people find that their home is not affordable in that situation.
There are many expenses
Speaking of affordability, it’s not just the mortgage that you have to pay. You have to cover the cost of maintenance and upkeep, you have to pay property taxes, you need to pay for home insurance, you have to cover the cost of the utilities and much more. Consider your post-divorce budget carefully.
It doesn’t offer a clean break
Finally, from a mental and emotional perspective, staying in the same home could make the end of the marriage more difficult. It doesn’t give you that clean break from the relationship. Some people prefer living in a new space as they start the next chapter in their lives.
Regardless of what you decide to do, you certainly need to know about all of the legal steps to take when dividing assets during a divorce.
