If you are considering filing for divorce or have already filed, you may wonder if it is possible to keep your home. For many people, the house is an important asset and where they raised children and made countless memories.
While keeping the house may be a priority when filing for divorce, it is important to think this through carefully. Is it logical for you to maintain ownership?
Look at your financial situation first
Determining if it is a good idea to keep your marital home depends largely on your financial situation. Your credit score and income will impact if you can qualify for a mortgage on the property without your spouse.
Beyond the mortgage cost, you will also have to pay to maintain the property if you secure the funding. All this must be done without a second income from your spouse. For many, this can create financial hardship that is not worth it.
Besides the cost of the home, your spouse will receive some compensation for you keeping the home. You may be paying for their value in it or other assets when you split. You have to consider if you are willing to do this, too.
Explore all your options
Before deciding what to do with the house, you should explore all the options. For example, your spouse may want to keep it, or you can sell the house and split the profits. This may be the best option for you both since you can part ways with money to start your new life.
Knowing your options and legal rights will help you determine the best way to handle your marital home. If you decide to keep your house, be sure you know the full financial impact of this decision.