We remain open for all of your legal needs! However due to the precautions related to COVID-19, we are trying to maintain compliance with all governmental orders and CDC Guidelines. Please contact our office to discuss whether a remote consultation is appropriate for your situation. Please CLICK HERE for more Covid-19 information.
Your Hometown Lawyers

Deciding whether to keep the family home

| Jan 14, 2021 | Divorce |

Deciding where to live after divorce can be a difficult decision, especially for women with kids. Mothers often worry about how their children will adjust to living in new environments after already dealing with their parents’ divorces. This is understandable and is why many mothers in Georgia also choose to keep the family home.

Unfortunately, staying in the family home after divorce is not always straightforward. There are a number of factors other than your children that you should carefully consider first. For example, will you be able to secure a mortgage?

Getting a new mortgage

Getting a professional real estate appraisal is usually a smart first step. When you know how much your home is worth, you can start exploring your options for getting a mortgage. This can be a struggle if your primary source of income is child and spousal support, but it is not impossible. Some lenders offer specialty mortgages for people who are in your exact situation.

A professional appraisal will also help you feel certain that you are getting the lowest possible price for your house. It can also eliminate the opportunity for fighting over how much the house is worth. Since you will actually be buying out your spouse’s interest in the home, this is very helpful.

Remember other costs

Owning a home involves more than just paying your monthly mortgage. You will also have monthly utilities, the cost of which may differ, depending on the time of year. Do not forget about these home-related costs, either:

  • Maintenance and upkeep costs
  • Real estate taxes
  • Insurance

Maybe these costs all fit in your monthly budget, but with very little left over. If so, the home might be a poor financial investment. If you can easily accommodate these costs with a sufficient amount left over, then keeping the house could be a wise move.

Consider your finances

Financial emergencies can strike at any time without warning. Do you have a sufficient emergency fund to cover any unexpected costs in your life? What about your retirement account? If you have enough savings in these accounts and little high interest debt, then you probably feel confident moving forward with this decision.

Whether you are interested in keeping the family home for your children’s stability or for your own personal reasons, you need to be prepared when entering property division. You do not have to do this alone. When you work closely with a knowledgeable attorney, you will have a tireless advocate on your side who is prepared to uphold your rights throughout the divorce process.

Archives

FindLaw Network