When you took those vows, you took them seriously, they meant something to you. Divorce is definitely not something that you wanted to do. People divorce every day. You have joined the ranks of many people in the United States. 40% to 50% as a matter of fact, of people who are getting divorced. You may be wondering, what happens now, can I keep the house after the divorce?
Things to consider
Deciding what to do with the family home can cause a lot of conflict between you and your former spouse. There are many factors to consider when you and your former spouse contemplate what to do with the family home. It can be an emotional time for you both because you are attached to the home. You both have so many memories in the home and you would possibly like that to continue. The other important factor is financial. There are some financial factors to consider. Some of the questions you should ask yourself include:
- Can you afford to make the monthly payments?
- How large is the house?
- How much is the debt on the house?
- Can you refinance the indebtedness and put the house in your name?
- If something breaks, can you afford to make the repairs?
- Can you handle the maintenance or upkeep of the house?
- Is there enough cash available in the marital estate to buy your former spouse out of the house? If not, should you consider trading another asset? Is it worth it in the end?
If you answered yes to any of these questions, then you should consider keeping your home. However, if you answered no to the questions and you and your former spouse cannot come to an agreement, selling your home may also be an option for you. If the housing market does not look positive right now, you and your former spouse can co-own the home until it the housing market swings your way again.
Now that you are divorced, knowing what questions to ask yourself will hopefully help you decide whether it is possible to keep your home.
