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3 reasons not to keep your home in a divorce

On Behalf of | Jun 6, 2023 | Family Law

Many people make it their goal to keep their home as they get divorced. There are certainly ways to do this, such as buying out your ex’s share of the house or even becoming co-owners after the divorce so that your children can keep living there. It is certainly possible to keep the home, rather than sell.

That said, this is something that you want to consider carefully. Is it the right decision for you and your future? Below are three reasons why you may not want to keep the home.

It could become too expensive

One thing to remember is that your finances are going to change after the divorce. This can make it too expensive to own a home on one income. You have to pay property taxes, insurance costs, monthly mortgage payments and much more. Just the increased costs of utilities, maintenance and upkeep are often surprising.

You would need a new mortgage

Another thing to remember is that you may have to get a brand-new mortgage just to keep your house. Unless you’re going to continue on as co-owners, your ex isn’t going to want to be on your mortgage. If you failed to pay in the future, then they would be responsible.

A fresh start may be better

Finally, just consider what you want your future to look like. If you stay in the same home, are you going to feel stuck in a marriage that ended? Would you be better off getting a fresh start without all of those same memories of your marriage? This is especially something to consider if you don’t have children since you’ll have a bit more flexibility regarding where you live.

This isn’t to say that you should never keep your home, but simply that you want to look at it from all sides as you consider your legal options.