Is Keeping Your House the Best Choice?
When a couple divorces, one of the most difficult parts of property division is usually deciding what to do with their shared home. The desire to keep living in your old home is perfectly understandable. After all, moving into a new place would just be one more change during a tumultuous time. Additionally, if you have children, they will likely want to stay in their childhood home.
However, keeping the house you used to share with your spouse is not always the best option. There are many factors to consider, including your current and future finances. If you need an experienced Raleigh divorce attorney to offer solid advice and helpful representation, call Marshall & Taylor PLLC at (919) 833-1040.
Can You Afford to Keep Your Home?
As if the drastic changes in your personal life that can follow a divorce were not enough, your financial situation will also change a good deal. If you would like to continue living in your current home, you need to realistically evaluate if this is an option. Some issues to consider include:
- Your mortgage. The good news is that if you keep your home, you may be able to get your mortgage’s interest rates lowered. However, first you will need to show that you qualify for a mortgage on your own. This will be based on your current income, including spousal support.
- Property taxes. Another challenge of keeping your home will be paying property taxes without your spouse’s financial support. Unfortunately, property taxes are mostly like to increase over the years, so you will need to plan ahead for this possibility.
- Buying your spouse’s share. If you keep your marital home, you will probably need to give your spouse something of equal value. You need to carefully consider what you are willing to give up in order to continue living in your current home.
This is not an easy decision to make, but a knowledgeable Raleigh property division lawyer can help you carefully review all of your options.
The Raleigh divorce lawyers at Marshall & Taylor PLLC can provide the information and guidance you need to protect yourself during a divorce. Contact us today at (919) 833-1040.