Challenges to keeping a home after divorce

On Behalf of | Oct 5, 2023 | Family Law And Divorce

You may not have to sell your house if you get divorced. If you want to keep your house, there are ways you can seek to do that. For instance, you may let your spouse have other assets, like a retirement account, so that you can keep the home. It is a common tactic to sell the house and split the money, but don’t assume that you have to do so.

That said, there can be some significant challenges to keeping the house after a divorce. It’s wise to consider these in advance.

Refinancing your mortgage

For example, you would probably have to refinance your mortgage. Your ex doesn’t want to be responsible for missed mortgage payments in the future. The mortgage that you were previously approved for was likely based on your combined incomes. You would now have to apply for a mortgage under your own name. However, that can be challenging because there is no guarantee that you would qualify for the amount of money needed on just one income.

Increased costs

It’s also important to note that if you take over ownership of the home, you’ll be solely responsible for maintenance, taxes, insurance and much more. You still had to cover these costs when you were married. But it’s still important to look at your post-divorce budget to see if owning the same home is feasible on one income.

There are many options during a divorce, but you can see how important it is to consider each one carefully. Be sure you know what legal steps to take as you move forward.