Can You Afford to Keep Your Home After a Divorce?

You can’t imagine moving out of the home that you, your spouse, and your children shared for so many years. In fact, you are prepared to battle with everything you have to keep it. With so many happy memories, you can’t bear to see it go.

Deciding to keep your home based on emotional ties is a bad idea, and one that can put you in serious debt. Although your home is probably your biggest asset, it can require you to spend money you don’t have and actually result in financial loss in the long run.

The Real Cost of Keeping Your Marital Home

Before you take your ex to court for your home, consider if you can actually afford to keep your home. The following are important factors to take into account:

  • You’re down a paycheck. Now that you and your spouse are splitting up, your household will lose a paycheck. You’ll have to determine if you are able to pay the mortgage on your own.
  • Monthly bills. Along with your house payment, you’ll also take responsibility for the utilities, cable, internet, phone, water, and other monthly bills associated with your home. In addition, you should also factor in homeowners’ insurance and property taxes when determining if you can afford to take sole ownership.
  • Maintenance. Home repairs aren’t cheap and unfortunately, they are necessary. Roof leaks, plumbing problems, and heating and air conditioning mishaps can cost thousands of dollars and oftentimes your homeowners’ insurance won’t foot the bill, which means you are responsible. If you can’t afford the extra expense of maintenance and repairs, you may not want to keep the home.

We Are Here to Help

Divorce is a complicated process that is filled with questions and concerns. Don’t make a mistake by attempting to navigate these waters alone. The attorneys of Tavss Fletcher have experience helping folks in the Norfolk and Virginia Beach areas with their divorces. Contact us today by calling 757.625.1214 to discuss your situation with one of our lawyers.