Should You Keep Your Home After A Divorce?
For many people, their home is a symbol of comfort and stability, which can be desperately needed during the turbulent experience of a divorce. You may want to keep your home after a divorce so your children don’t have to endure the disruption of moving or simply because you put some much time, effort, and love into it. Whatever your reason, it’s important to make sure that you can actually afford your home before you make the decision to keep it.
Will Your Spouse Fight You?
First of all, you must determine whether your spouse also wants to stay in the house. If so, the two of you will either need to work out some sort of agreement, or you may simply be forced to sell if no one is willing to give ground.
Can You Buy Out Your Spouse?
Even if your spouse is willing to let you keep the house, California is a community property state. If you bought the house after your marriage, then you and your spouse own the house equally, and you’ll need to pay your spouse half of the home’s equity. This may require you to refinance the home or even give up alimony and child support payments in exchange.
Can You Afford Your Home?
After you buy out your spouse, you’ll still need to keep up payments on the house. This includes the monthly mortgage, HOA fees, utilities, and all the little costs to keep up the house. This may not have been a problem when you enjoyed two incomes, but on your own, you may find it incredibly difficult.
It’s important to recognize the full cost of keeping a home and to make a smart financial decision about whether to keep the house rather than an emotional one. For help with divorce matters in Temecula, contact the attorneys of Albrecht & Albrecht.