One of the first priorities many people have when they start contemplating divorce is the retention of their marital home. The house where you have lived with your spouse in Washington is likely worth hundreds of thousands of dollars. It may also be the location where you created many priceless memories with your children and other family members.
While your first instinct may be to seek the house when you divorce, some people eventually realize that keeping the house isn’t the best solution. How can you determine whether asking for the home in your divorce is the right approach?
Consider your financial circumstances carefully
Whether keeping the house is a good idea or not depends largely on whether it is financially feasible. Your income and credit score will both influence whether you can qualify for a mortgage for the property.
You won’t just have the costs of owning and maintaining the home that you and your spouse have now. You will likely need to withdraw equity from the property to compensate your spouse, and you may have a higher interest rate when you refinance the mortgage because of rising rates and a harder time qualifying for the best possible rates as a single borrower with only one income.
For some people, agreeing to let their spouse keep the home or to sell it and split the proceeds may be a better option for future financial stability than trying to keep the marital home. Thinking carefully about what motivates you to seek certain property division terms in your divorce can help you achieve the best possible life after the end of your marriage.