Divorcing your spouse is hard enough without real estate getting into the mix. Many people wish to keep their homes, some for the stability of the children, some because the home and property have sentimental meaning and some because the home is convenient to work, friends or family. Whatever your reasons for wanting to keep your home, you should make yourself aware of the legalities and how to use your home as a settlement tool to make settlement faster and easier for both of you and your children.
Before you make the decision to include the house as something you want to keep, you must be honest with yourself as to whether you can afford the property on your income after the divorce. Child support and alimony will be included in your overall income, but in many cases this is not enough to maintain the kind of home you live in. Also consider whether you will be able to pay for repairs and maintenance or do them yourself to keep your home in top shape. Your taxes may go up – taxes usually do and you need to be prepared for that.
If you are sure that you can take on the costs of owning the house outright, it’s time to figure how to deal with it in the divorce settlement. You could choose to buy out your former spouse by refinancing the mortgage in your name and taking out enough to cover your spouse’s share of the accumulated equity. Or, if circumstances and inclination permit, you could keep your spouse on the mortgage and arrange a future date for the home to be sold or for you to repay your ex their share of the equity accumulated. Another option is to trade some other valuable assets for full ownership of the property, like a 401K or vehicle or other chattel.
Whatever option seems best to you, it is a good idea to involve a good lawyer who has experience dealing with divorce and real estate to ensure that you are getting full value out of the division of property and that your rights are being upheld. A legal professional can help you mediate from a strong position and ensure that your wishes regarding possession of the home are negotiated.
If keeping your home after a divorce is important to you, you may have to give up some property, rights to future monies or other chattels. However, keeping your home may be very important and worth fighting for. Protect yourself and your investment in your home by getting competent legal advice and try to settle amicably for the sake of getting a better deal faster.
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