Is keeping the home after divorce financially viable?

Divorce is definitely a time of change, but you may be trying to limit the amount of change you have to experience. For instance, maybe you would like to keep your house. You know that you have to divide assets with your spouse, but you would rather not have to move after the divorce concludes. Your goal is to see if you can keep the home during property division, perhaps giving up other assets in order to make this possible.

This can work, and there can certainly be benefits. This is especially true if you have children, since you give them the option to continue living in the same home, limiting the impact of the divorce on their lives. But it is also important to consider the financial realities to see if this is a wise decision.

A reduction in income

For one thing, a home can feel more expensive after a divorce. You used to share two incomes with your spouse, and you used that money to pay maintenance and upkeep costs, property taxes, home insurance bills and much more. But once you get divorced and go down to a single income, you still have to make all of those same payments, so they take up a larger percentage of your budget.

Refinancing the mortgage

On top of that, you may be asked to refinance your mortgage. The problem with staying on the same mortgage with your ex is that you are both responsible for the payments, even though you are divorced. But refinancing moves that obligation to you as an individual. However, refinancing your mortgage may be difficult on one income, or you may not get the same good terms as you did before.

These are all things to consider when going through property division, so be sure you know exactly what legal steps to take.