Your spouse has asked you for a divorce and you’re hoping that you’ll be able to keep your house. Maybe you can see the positives here, such as keeping your children’s living situation stable. Maybe you just love the house and you have no desire to move.
It can be wise to try to see if you can get the house while going through property division. But you also want to think about the potential downsides to make sure that you’re making the right choice.
Can you even afford it?
The first question is whether or not you can afford the house. This doesn’t just mean the monthly mortgage payments. You have to do maintenance, pay property taxes, pay for utilities and much more. If your income is being reduced from two incomes to one, you need to make sure that the house you own still fits your budget.
Can you get a new mortgage?
Speaking of mortgages, remember that you probably need to get a new one when you get divorced. This is not a technical requirement, but keeping your ex on the mortgage would make them liable for that debt. Odds are they’re not going to want to do that.
Do you want a fresh start?
You also just want to think about your mental and emotional state after the divorce. It may seem a bit daunting to move, but would that fresh start actually help you move past the relationship? It may help you to find a new home that you can think of as truly your own.
Of course, the house is not the only thing you need to consider when looking into property division. Take the time to carefully consider all of the assets you own and the legal rights that you have.