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Reasons not to keep the house after divorce

On Behalf of | Jul 13, 2022 | Divorce

People often head into a divorce saying that they would like to keep the house. They don’t want to have to sell it. They don’t want their ex to keep it. They have a lot of compelling reasons to remain in the home.

But it is wise to think of this from the other perspective, as you decide what you need to do. Are there any reasons why you shouldn’t keep the house?

You have to get a new mortgage

First of all, you probably have to get a new mortgage in order to keep your home. You’re going to want a mortgage that is in your own name and not jointly with your spouse. You have to refinance. So the first thing to consider is what your income looks like and if you would qualify for that mortgage without having two incomes.

There are many other expenses

On top of the mortgage, you have to consider expenses like utilities, property taxes, maintenance and upkeep, and much more. Owning a house can be very expensive and you really need to consider your post-divorce budget to see if you can afford to keep the home.

You may want a fresh start

You also want to think about your own mental and emotional state. Would it be helpful for you to have a fresh start after the divorce? Would it help you move on in a way that staying in the same home simply can’t? The answer will be different for everyone, of course, but you just need to think about the realistic process of living in the house by yourself after the marriage ends.

As you divide your assets and work toward the end of that marriage, take the time to carefully think about all of your options and the legal steps you can take