Divorce will inevitably bring significant changes to your life. You will find that you have to adjust finances, figure out a reasonable custody order and perhaps even rethink your retirement plans. This is a time of transition and adjustment, and you may find that staying in your home is important to you. This can provide stability and security for you during a difficult time.
In many cases, keeping the family home doesn’t really make sense for one person after a divorce. It’s expensive to own a home, especially with a reduced income and other financial issues that can come after a divorce. While you will want to carefully consider the implications of keeping the family home, it is more affordable to do so now than it was in the past.
Consider your options
One of the most important things to remember when deciding whether you will keep the family home is to set aside how you feel in the moment. While your emotions and feelings are important, they don’t always reflect what makes the most sense long term. You will have to think about the future when considering your options for the house. If you want to keep the home for your own sake and the well-being of your kids, the following questions may help you decide if that is a good idea:
- Can you afford to buy out your spouse’s share of the home? Even with lower home prices and interest rates, this is an important decision.
- How can you make sure you get the lowest price possible for the home if you decide you want to keep it? You will have to be knowledgeable on fair market value.
- Will you be able to afford the monthly payments? This includes the mortgage, cost of utilities, taxes and expenses associated with upkeep.
- Is it a good investment? You will find it beneficial to think about the future, especially if you may sell at some point.
- Will you have to get financing? You may need to finance your purchase if you plan to buy out the other spouse’s share of the home, and you will want to make sure this is a possibility for you.
Many factors go into deciding whether it is in your best interests to keep the family home after a divorce. Speaking with an experienced Alabama family law attorney can help you see if this is a good choice and how you can move forward in a way that allows you to lay the foundation for a strong post-divorce financial future.
