Whether to Keep the House in the Divorce

 Posted on February 26, 2013 in Divorce

In most divorces, there are a multitude of different concerns which must be settled. Child custody might be the focal point in some cases.  Other times, the division of assets is the pivotal concern.  Most of these issues can be tackled in two separate ways, either emotionally or rationally.  The latter is the appropriate way to think about whether or not you should keep the house in a divorce.

The first step in answering the question about keeping the house in a divorce is to examine the financial specifics of the house.  How much is still due on the mortgage?  Would you be able to make monthly payments in order to keep the house?  What about other upkeep expenses to maintain the house?

Then it is essential to understand how your personal finances will be affected by owning a house separately from your ex.  It will be beneficial to refinance the debt on your house but it might be difficult to do with only one income.  Not only will you have to settle with the bank but your spouse will need to be reimbursed for their portion of the property.  This can be accomplished in most cases by exchanging a retirement or investment account.

It can be mutually beneficial to consider selling the house and splitting the profits between both parties.  The only issue is that the housing market might recover soon and result in leaving money on the table.  Please consider these questions before determining if you should keep the house in a divorce.  Also, contact a knowledgeable divorce attorney in Lombard today.