You and your spouse might have differing views on your marital home with your divorce looming. While your ex may want to give up the property, you still attach fond memories to your home and do not wish to leave. Still, you should know if you can afford the home if you become its sole owner.
Some divorced individuals who do not forecast future costs find that a marital home quickly becomes a money drain. Homelight describes some possible expenses your current residence may generate.
Mortgage payments
You may be in good shape if you and your spouse have already paid off the home, but if some mortgage remains outstanding, you should know how much you will have to pay. This could become an issue with your lender if you try to refinance the home, as your lender may not be confident you can pick up the remaining mortgage on your own income.
Maintenance
Depending on the size of your property, upkeep may be expensive. You may have to invest in maintaining the yard and any gardens you have. You should also consider the price of utilities. Expensive utility bills may not be worth it if you are the sole occupant of a large residence.
Home repairs and remodeling
Owning a home means dealing with the unexpected, such as fire or storm damage. While owning home insurance can help you with home repairs, you should consider what may happen if an insurer denies your claim. You might also envision some remodeling, which could prove expensive.
Finally, consider what assets you would need to trade to your ex in exchange for the full value of the home. You should be sure that you will not make needless sacrifices for a property that will not be worth it in your post-divorce life.
