Should You Keep Your Home After Divorce?

 Posted on August 23, 2016 in Division of Assets

Divorce can be full of tough decisions. One divorce decision that often challenges our clients is deciding whether or not to keep their marital home. Holding on to the house after divorce has its advantages and disadvantages. Many divorcing parents like being able to keep their children in the same school district. Similarly, most people have emotional attachments to their homes and neighborhoods, and change can be difficult. Keeping a marital home post-divorce can be dangerous, however, as many divorcees do not anticipate the financial implications of keeping the home with only one income.

First, it is best to consult with a qualified attorney before making any major decision on whether or not to keep your home. They have experience in this matter, and can review your specific case and give you their recommendation on whether keeping the home is feasible or not. If you are currently in the process of deciding whether or not to keep your home after divorce, consider these tips:

Consider the Costs

Holding on to your home can seem promising, but if you are unable to afford the costs of the home on your own post-divorce, the choice can be disastrous. Consult an attorney and a financial advisor to ensure you are able to support the home. Even a paid-off home can be too much to handle if costs like heating, cooling, and maintenance are too expensive. If you can reasonably cover the costs, keeping the home may be in your best interest. If not, do not be too hard on yourself. You can find a home after your divorce that is more aligned with your budget.

What Attachment Do You Have to the Home?

One of the biggest factors divorcees have to consider is how emotionally attached they are to their home. Most people have fond memories built around their homes. Our houses are where our children grow up, and where many of the best years of our lives are spent. Feeling attached to your home is normal, but is your attachment enough of a reason to hold on to your home? If you are having trouble with this decision, try making a list of the things you love most about living in your home. Could you make new memories in a new home? Is there another place that could fit your needs? Putting together a list can help you explore other possibilities, or help support your decision to hold on to your home.

How Long Will You Live There?

Holding on to your home after divorce will likely be expensive. Refinancing a mortgage is costly, basic home upkeep can add up, and selling your home, if you decide to, can also be expensive. Are you going to hold on to the home for years, or turn around and sell it in a year or two? If you put money into holding on to the home, will you have enough time for the home to appreciate enough to cover the initial expenses?

Consult a DuPage County Divorce Attorney

At Pesce Law Group, P.C., we understand that some divorce decisions can be difficult, and our qualified DuPage County divorce attorneys are here to help with every step of the process. We can review your circumstances and advise you on whether or not to keep your home, as well as many other important decisions. Call 630-352-2240 today to schedule a consultation with an experienced attorney.

Source:

http://www.usatoday.com/story/money/personalfinance/2016/08/06/divorce-decision-keep-house-sell/87542328/