A Place To Live Amidst Divorce
The emotional attachment you may have to your current home can make it difficult to imagine living elsewhere. You may feel even more inclined to remain in your home if there are young children involved. Staying in the home can give both parents and children a sense that one part of their lives is constant during a time when many other aspects are experiencing an upheaval.
However, deciding to remain in the family home requires careful consideration of certain financial factors. A comprehensive list should be made of all the expenses associated with the cleaning, utilities, maintenance and taxes for the home. If there are any significant repairs that need to be made at any time in the future, those costs should also be factored in the calculations for the cash flow that will be needed to care for the home properly.
Another financial consideration is the mortgage. Those who are assuming responsibility for a mortgage will have to determine if they have a sufficient monthly cash flow. For people who do not have an incoming stream of funds to pay for the home’s costs, they may be able to obtain an asset-securitized loan if they have enough assets.
In some cases, people who are getting a divorce will decide to sell the current home and split the proceeds. This can be part of a settlement agreement reviewed by their attorneys. If you have a proposed settlement agreement you would like an attorney to review, or if you have questions about your housing options during your divorce, please contact our office to speak with an attorney.