People sometimes struggle with the question of whether or not they should try to keep their home when they go through a divorce. They may want to keep it if they consider it a dream house that they don’t want to lose, for example, or simply if they think it will limit the amount of change their children have to go through.
There can certainly be reasons to keep the house, but it’s also important to look at the other side of the coin. Below are a few reasons you may not want to do so.
1. You may need a new mortgage
To begin with, you and your spouse probably are not going to stay on the mortgage after your divorce. It is possible, but your ex likely wouldn’t want to be liable for payments that you missed. As a result, you may need to get a new mortgage, so you have to decide how affordable that would be on one income and with current interest rates.
2. You may have to give up other assets
In some cases, people give up valuable assets, like a retirement plan, to make sure they get to keep their homes. What you decide is most important is up to you, but this may be a mistake if you regret the loss of the other asset. For instance, you may discover that it is expensive to maintain and keep a home on one income, but now you also don’t have a retirement fund.
3. You may benefit from a fresh start
Finally, staying in the same home can actually make divorce harder. It is a constant reminder of how life has changed. You may benefit by selling your house and buying a new one because it gives you what feels like a truly fresh start.
As you move through this process, be sure you are also well aware of the legal options you have.