Should You Keep the Family Home After Divorce?

Should You Keep the Family Home After Divorce?

Many people going through a divorce want to keep the family home. This could be for many reasons. For some, the home may represent more than just some bricks and mortar. Children may have grown up there, or it may be close to work or the children’s school. In some cases, people may simply not want to go through the hassle of finding another place to live. When people do want to remain within the marital home after a divorce, there are a few things to consider before making the decision.

First Things First

If you decide you do want to remain within the home after a divorce, there are a few things to think about first. One of the main considerations is whether you are actually even able to remain in the home. If your spouse agrees to it, you can buy out their share of the equity in the home. In the case that you and your spouse both want to remain in the home and they do not agree to you simply buying them out, a judge may have to make the decision during property division proceedings. In some cases, the home must be sold with the couple dividing up the proceeds from the sale fairly.

Future Considerations

Of course, you will need to consider whether you can afford to pay the mortgage all on your own. The chances are that while you were married, the combined income of you and your spouse helped ensure you could make that payment every month and still afford other expenses, such as food, clothing, and utility bills. However, you need to consider if you can pay for all of these expenses, and more, on your own.

Remember that if you remain in the family home, you will still need to pay property taxes and perform any future maintenance in and around the home. You have to consider whether or not you can afford those costs, along with others that may be associated with being a homeowner.

Do Not Forget About Refinancing

If you decide to keep the family home, remember that you may have to refinance the mortgage on it. This is so that the home will be in your name and your name only. Refinancing can also bring other benefits, as well. For example, if the mortgage payment is a little high for you to pay on your own, but you still really want to keep the home, refinancing can extend the life of the loan, which will lower your monthly payments. 

Our Michigan Family Lawyers can Help With Your Divorce

When facing divorce, there is a good chance that you have a lot of concerns, and they likely extend beyond the family home. Our Clinton Township family lawyers at Iafrate & Salassa, P.C., can help. We are results-oriented and will work hard to protect what means the most to you and will always work in your best interests. If you are going through a divorce, call us or contact us online to arrange a free consultation with one of our attorneys.