There are a lot of things to consider when you are thinking about ending your marriage. As a mother, you may be concerned about how to give your kids a sense of stability or where you will live. One way you might want to consider accomplishing both of these things is to keep your marital home.
Of course, keeping your house is about more than just whether it makes sense emotionally. It also needs to be a wise financial decision. Here is some information that might help you make this decision.
Make sure you get the lowest price
Think you know what your house is worth? It is better to be absolutely certain so that you know you are getting the lowest price possible. The best way to do this is to have an expert provide a professional real estate appraisal.
Knowing what your home’s value is will help you decide whether you can afford a mortgage on your own. Of course, there may be some concerns if you have a low-income job, have not worked for some time or if your main sources of income are child support and alimony. Some lenders offer special mortgages for people in your exact situation though, so this may be something you want to explore.
Consider your other costs
Your monthly mortgage payment will probably be the largest cost associated with owning your home. However, there is more to owning a home than just paying your mortgage. You will also have other costs related to:
- Utilities
- Taxes
- Upkeep
- Maintenance
- Insurance
These additional costs can build up quickly. Even if you are prepared to meet regular monthly costs for things like utilities or homeowners’ insurance, you should also be ready to handle unexpected expenses. This means you might want to focus on building up an emergency fund if possible.
Weigh your investment options
Purchasing a home is an investment, both emotionally and financially. While it might make emotional sense to keep your home, you need to make sure it is a wise financial investment. Consider your current financial situation, like whether you have any high interest debt or retirement savings.
If you are certain you want to keep your marital home in the divorce, you need to be prepared to meet the property division process head on. You also need to be aware of other important marital assets, such as retirement accounts, vehicles and more, so you could better prepare for the proceedings ahead.
