A divorce is not an easy process to go through. There are times where you will feel down and unaware of the decision you should take next. Other times you may be thinking deeply on you will sort out some things regarding your home.
One of the issues you may likely encounter when dealing with a divorce is deciding who will take the home. However, before you spend all your leverage negotiating for sole ownership of your home, use this step-by-step guide to find out if it’s the right move for you and how to set the process in motion if you think you can really make it work. Let’s explore more.
How To Keep The House In A Divorce: Take It Step By Step
Step 1: Check Your Finances
Before struggling to get the home, you must ask yourself if you have the suitable finances available to maintain it. It is one thing to get the house and another thing entirely to maintain it. The last thing you want is to fight hard to get the house and later find out you can’t financially afford it on your own.
Furthermore, if you still have a mortgage on the property, you’ll have to prove to your lender that you’re financially stable enough to afford the monthly mortgage payment, property taxes, home maintenance costs, and other home-related expenses. Even if your ex agrees to give you the home, you must evaluate the long-term consequences of keeping the house initially meant for you and your partner.
Step 2: The Offset Vs. Refinance Decision
Now that you have gotten your home back, the next step is to figure out plans to pay for the monthly mortgage. The best way to achieve this is by offsetting your partner’s part by giving up other marital assets of equal value, such as retirement accounts or vacation homes. You may also be able to negotiate other concessions, such as a reduction in alimony.
However, negotiating ownership of the house as an offset during the divorce settlement doesn’t remove your spouse from the mortgage or the deed. Thus, if you still got a mortgage on the house, refinancing is typically necessary simply to remove your spouse from the loan if for no other reason. Unfortunately, unless you have cash, you will likely need to refinance to pay your spouse for their own half share of the existing equity.
Step 3: Negotiate The Home Value
The best thing you can do is find out the exact value of the home in the market. If you have gotten the home to yourself, finding out the actual value will help you know the right price to sell it. It is worthy to note that if you are willing to keep the house, you will most likely spend a lot to procure it.
The best thing, in this case, is to sell the house to a trusted home buyer in your area, such as Quality Homes Reimagined, LLC, and share the money with your partner. We buy houses on your terms. We will offer you the best cash offer and a quick close so that you can move on with your life and start a new journey.
