It’s no lie that the marital home is filled with many memories, especially when children are involved. Moving is one more giant hassle to add to your already overwhelming to do list. We’ve compiled a post that shares what to consider when deciding whether or not you should stay in your marital home.
Can you Afford it?
In many cases, a former spouse may be required to pay for the mortgage of the marital home, especially where children are involved. If there is a choice to stay, consider not only the mortgage, but the property taxes, the costs of utilities, potential repairs, as well as other monthly expenses. Can you afford them based on your financial circumstances following the divorce?
Whether you decide to purchase or rent a new home, you will need to have enough money for a down payment and good credit. You are no longer going to be able to rely on your former spouse’s income or credit to obtain new housing.
Will the “Good” Memories Still be Good Down the Road?
Usually we think of our home as our safe place where great memories were made. However, as you go through divorce, some of those memories might not seem so sweet or as sentimental as they once were. It’s important to consider if the home makes you happy as you once were, or are you ready to turn a new page? If you move on, and enter a new relationship, will you still want to be in the house, or will you want to start making new memories elsewhere?
Consider your Children
If you moved several times in your marriage, the house may not carry a ton of sentimental value. However, if your children are older, and they have truly grown up in the house, moving can really stir up emotions for them. In this case, children are not only having to cope with their parents getting divorced, but they also will have to suffer the consequences of moving—moving away from friends or neighbors and changing school districts. Fortunately for them, it may be required that one spouse stay in the marital home until the child(ren) reaches the age of 18.
Costs of Selling the Home
Let’s say you keep the home and decide to sell later. You have to consider factors like staging, cleaning, repairs and paying realtors ($60,000- 3% each side), while also having to pay off the mortgage and potentially pay taxes that resulted from increase in property value over time. This will cause you to feel like you got a huge asset in the divorce, but ultimately, once you chip away all these costs, you actually end up with a lot less than you think. If you sell the house prior to your divorce, you can benefit from the higher tax allowance for married couples, and you and your spouse can equally bear the cost of selling the home.
Not Sure What to Do?
If you’re trying to consider what to do with your marital home, we recommend reaching out to our team.
If you have any questions about collaborative divorce or how to move forward with one in the Tampa Bay area, then hire one of the top divorce lawyers. Call us: (813) 907-9807
Anton Garcia Law