When you are going through divorce, the one thing you probably yearn for is stability in your life. This is why, when many people are faced with the difficult decision of keeping their house, they are unsure of which direction to turn. There are some important decisions for you to consider when you are going through a divorce, in this very delicate situation.
The Important Decision of Keeping the House
What Your House Represents: You may think of the house as a symbol of your marriage and don’t want to lose that. You should always sit down and make a list of each of the benefits of living in the house, and what you don’t like about it. If the negatives outweigh the positives, you can think of other possibilities.
How Long You’ll Live There: If you plan to keep the house forever, it may make sense to keep the house. But if you only plan on being there for a short time, it may make sense for the other spouse to have it. Houses can be costly in many ways, so this is something to consider, especially if the decision is not permanent.
To Hold Jointly or Not: If you are both going to be there for a short amount of time, it may make sense to hold the house jointly with your ex. You won’t have to worry about refinancing, which can be costly and time-consuming.
What You’ll Give Up: It may come down to an important decision, like trading retirement assets to keep the house. You don’t want to have to do that because often you’ll miss out on opportunities in divorce as is, and you don’t want to cut yourself short on funds any more than you have to.
Is it Affordable?: Sometimes you will find that it is difficult to afford mortgage payments on a house. Monthly payments may become difficult to keep after, as well as the regular maintenance of a house that can add up.
Hidden Tax Consequences: If you become sole owner of a house, you will have to worry about every aspect of the home and its tax consequences. You may get more benefits from selling it jointly with your ex.
These are very important decisions for you to make, and something you will have to consider when you’re going through divorce. House-related decisions are never easy, but we can help. Contact us to help you so we can guide you through these important and life-changing decisions.
