If you get divorced, you may decide that you’d like to keep your home. Maybe you just don’t like the idea of moving because it will make the divorce feel too chaotic. Perhaps you love the home and don’t want to give up your dream home just because your marriage is ending.
Regardless of the reason to want to keep the house, it’s important to keep all of the costs in mind while making your decision. Let’s look at a few of the most common ones.
Refinancing your mortgage
First and foremost, you probably have to refinance your mortgage. The reason for this is that a joint mortgage is still the obligation of both people who signed it, even if those individuals were married when they signed it and have since gotten divorced. The divorce does not change the financial agreement. Therefore, to move the house into one person’s name, that person probably is going to need to refinance the loan.
Maintenance and upkeep
Next, you have to consider the actual costs of repairing the house and doing standard maintenance. Homeownership can be very expensive because some systems, such as your HVAC system, can cost thousands of dollars to repair.
Taxes and other fees
Finally, you’re going to have to pay property taxes on the house every year. You’re also going to have the cost of utilities, like electricity, gas, trash services, water, Internet and much more. It’s important to make a post-divorce budget that includes all of this to ensure that it is affordable.
As you go through the property division process, take the time to look into all of your legal options.