Deciding what to do with a home during divorce is a big undertaking. Unlike other marital assets that might be either emotionally or financially valuable, homes tend to carry both emotional and financial worth. This is especially true for mothers who hope to keep the family home to provide a sense of stability to their children.
There is more to consider than whether keeping a home is a good emotional investment, though. Houses are also significant financial investments. This means that you will need to weigh a number of factors when deciding whether you want to keep the house.
What does your mortgage look like?
A good place to start is to figure out how much your home is worth. A professional real estate appraiser can provide you with the home’s market value. From there, you can decide whether you feel financially prepared to take on a mortgage.
However, you might be in the unique position of having sizable personal assets, but very little income. Perhaps your only income for the foreseeable future is going to be child support and alimony, and you feel worried about whether you will be able to secure a mortgage. While this is an understandable concern, some lenders offer specialized products for people who are in this exact situation.
What about other costs?
Of course, there is more to owning a home than just paying the mortgage. You will have to think about the other costs associated with homeownership, like monthly utilities, which vary, depending on the size of your home and time of year. Other costs you should keep in mind include:
- Maintenance and upkeep
Fitting all of these costs into your monthly budget might not be enough to justify keeping the house. If there is not much left over for savings or other expenses, this might not be the most prudent financial decision. Keeping the house can also be unwise if you do not have any emergency savings or if you have a lot of high interest debt.
Is this best for you?
You probably have a lot of good memories in your old family home. It can be hard to say goodbye to a place that has brought you a lot of joy. During a time of emotional turmoil, you and your children might find it easier if you have somewhere that you find comfort.
Transitioning to owning the family home on your own is a big step, but so is divorce, and you are already prepared to meet that challenge head-on. However, there can be complicating factors when navigating matters like property division, child custody and more during divorce. This is why many women find it helpful to learn more about Texas family law as early on in the process as possible.