“My spouse and I are divorcing and I want to keep the house in the divorce. Are there any special considerations I should think about before I make this decision?”
Deciding what to do with the family house in divorce can be one of the biggest challenges facing couples going through it. For many years, the home was a coveted asset that was fought for among feuding spouses. However, current times have created a plunge in real estate values which has caused some homeowners equity to be “upside down,” meaning more is owed than owned in the property, leaving spouses struggling over how to deal with this difficult situation.
Making the decision on whether or not to keep the house by either spouse, whether in a negative equity situation or not, should be carefully examined. Decisions based on partial information can have dire financial consequences if all the aspects have not been explored and fully analyzed.
Begin by looking at your home in the big picture as part of the whole and try to detach the emotion from your decision making. Before you finalize this decision be sure to consider the monthly costs involved and see if it makes sense financially for you to keep the house in divorce. Remember that you will need to add the total costs of the mortgage, taxes, insurance, homeowner’s dues and maintenance when doing your calculations.
Some other ideas to consider so you are completely aware of what keeping the house in divorce holds for you:
Lisa Decker is an expert in divorce financial matters and a discreet problem-solver who guides her clients to “Divorce Your Spouse, Not Your Money®.” She offers helping hands and a caring heart to calm clients from across the country so they gain clarity and control over their divorce and their future. Find help and hope for your heart, mind, and money at www.divorcemoneymatters.com or 866-722-7226.
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