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Should you keep the house when you get divorced? 

On Behalf of | Jul 21, 2022 | Family Law

If you get divorced and you and your spouse own a home together, it may be important to you to try to keep that home. This could simply be because the housing market is difficult to get into, or maybe you’re in love with that specific home and you don’t want to leave. Another reason is if you have children and they don’t want to have to move out of the home that they’re used to.

Since that home is a marital asset, you definitely have at least some claim to it. But should you try to keep it?

You have to consider the expenses carefully

The thing to think about is just how affordable it will be to keep that home after your divorce. Remember that your income is likely to drop, and you still have to be able to afford the mortgage, upkeep, maintenance and all the other cost that go along with having a house. You have to pay for utilities, property taxes and things of this nature. 

In fact, you may even have to go out and get a brand new mortgage. Many married couples apply for the mortgage together, so both of their names are on the loan. Your ex is not going to want to stay on the loan because that would make them responsible for any missed payments on your end. So you have to go apply for a new mortgage and see if you can qualify by yourself, but not everyone does.

Once you’ve gone through all these financial considerations and decided what you want to do, take the time to carefully consider the legal steps you’ll need to take to make it possible.