If you are going through a divorce, you probably have many questions about how this process is going to change your life. One of your main priorities is where you are going to live and whether you will have to move. In fact, you may prefer to keep your family home.
Wanting to keep your home and being able to afford to keep your home are two very different things. Historically, it was not as affordable for one person to keep the home, but things are different now. Thanks to lower interest rates and lower home prices, you may be able to stay in your house if that is what you prefer to do. However, this is a very important choice, and you would be wise to give it careful consideration before making any choices that could impact your future.
Factors for consideration
Keeping the home is a major decision. You will have to set aside how you feel in the moment and determine whether staying where you are will make sense long term. This is not always easy to do, so it will help to do your research and make sure you’ve considered everything before deciding. Some factors that can help you make your choice include:
- Your ability to buy out your spouse’s share of the home
- Whether you will need financing to buy out your spouse’s share of the home and if you can get a good interest rate
- How to get the lowest price when asking to buy out your spouse’s share of the home
- Knowing what fair market value is for your home and negotiating a reasonable deal
- Whether you will be able to afford monthly payments on the home, as well as taxes, HOA fees, upkeep expenses and more
- Whether this decision makes sense long term and will be a good investment for you
- How emotions are playing into your decision and whether keeping the home will be beneficial for your children
This is a financial decision that will impact you greatly for years to come. It is in your interests to make sure you are taking steps that will allow you the best chance at a strong and stable post-divorce future.
Don’t make these choices alone
It’s not easy to navigate the complicated financial matters that arise during a divorce. When considering what should happen to your home and negotiating a fair order, you may find it helpful to speak with a Washington family law attorney regarding the most practical and prudent way forward.