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Should I try to keep my marital home?

| Oct 9, 2020 | Divorce

If you are going through a divorce, holding on to your marital home may be very important to you. It might hold sentimental value, or you may have primary custody of your children and you want them to still live there. You might work out an agreement to buy the ownership interest of the home from your spouse, but that is only one step out of the process. 

To be sure that keeping your marital home is worthwhile, you will probably have to do some financial homework. Kiplinger explains what people in your situation may do to prepare to buy out a spouse and prepare for a post-divorce future in a marital home. 

Appraising your home

You might already have the value of your home in mind, but hiring a real estate appraiser to give you a value may be the better option. Your spouse may be more likely to accept the word of a professional. Also, you might learn that your house is not worth as much as you expected. This can lower how much you will have to pay to buy out your spouse. 

Examine your finances

It is also important to ensure that you can afford to keep up the house. You should know that you can spend money to maintain and repair the home when needed and that you can pay utility costs, insurance expenses, and real estate taxes. Use these costs to create a monthly budget and see if your income and assets can support it. 

Your divorce agreement may include spousal support and child support. While you may factor this revenue into your finances, you should consider how to meet costs if your support should stop. Additionally, make sure your finances, like your retirement accounts, are in solid shape, that you have an emergency fund, and that you do not have a heavy debt burden to worry about. 

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