While navigating the decision to divorce your current spouse, you have a lot of choices to make. For instance, should you fight for the marital home or seek alternate housing?
Kiplinger offers a list of questions to ask when you want to keep the marital home during a divorce. Your answers may help you make a decision you feel comfortable with.
Can you afford the upkeep?
If you had an easy time paying household bills, maintaining appliances and keeping your marital home in great condition with two incomes, that may change when you become the sole breadwinner. Even if your divorce settlement involves spousal maintenance or child support, neither may last forever.
Do you know your home’s current value?
Before you buy out your soon-to-be-former spouse, you must know your marital home’s current value. Fluctuations in Texas’s real estate market may give you a false impression of your home’s worth, so have an experienced and trusted real estate appraiser gauge your property’s value. Not only does a professional appraisal help you know how much you need to buy out your current spouse, but it may also reduce arguments concerning your home’s value during divorce talks.
Can you qualify for a mortgage alone?
If you do not yet own your home, you must likely refinance it on your own without your current spouse. While you may want your marital home, your chances of securing a mortgage may not make your wish a reality. Depending on your assets, you could qualify for special lending opportunities, something to remember while ironing out your divorce settlement.
Make sensible decisions about the next chapter of your life by being well-informed. Hopefully, answering the above questions brings you one step closer to peace of mind.