There are a lot of life changes that come along with divorce. From what job you have to how much time you spend with your kids, it can be overwhelming to keep up with life’s new pace. Some women find that staying in the marital home makes these other changes somewhat easier.
Keeping the family home can be complicated, though. Before you decide on this course of action, you will need to take a number of different factors into account. Figuring out how much your home is worth and what the monthly costs will be is a good place to start.
Have your home valued
Maybe you already have a vague idea of what your home is worth. To really determine whether you can afford to keep your home, you need to know exactly what it is worth. Hiring a professional real estate appraiser who can provide an accurate value is usually a good idea.
Knowing your home’s value is helpful for more than just calculating your budget. For example, maybe you are worried about fighting during divorce. Understanding how much your house is worth can minimize potential arguments about that topic.
Get out the calculator
Now that you know how much your home is worth, you need to figure out whether you can afford to stay. This involves more than just looking at how much you will pay every month for your mortgage. You will also have costs associated with:
- Utilities
- Maintenance
- Taxes
- Insurance
You will also need to be sure that you can secure a new mortgage, too. If your primary sources of income after divorce are child support and alimony, you might be worried about finding a lender. This is an understandable concern, but you may have more options than you realize. Some lenders offer special mortgages to borrowers in your situation.
Is this right for you?
Your family home is more than just four walls and a roof. It also holds lots of special memories. The idea of parting with the house might be hard, but you should also consider whether it is the right investment for you. If you do not have a solid financial foundation with a retirement fund or small emergency savings, you may want to consider if this is the best route.
Once you have decided on keeping the marital home, it is time to take action. You might not be sure where to start though, especially if you are also dealing with things like child custody, support or other aspects of divorce. Instead of tackling this alone, you should be sure to work closely with an attorney who has plenty of experience in New Hampshire family law.
