If you’re getting a divorce, you may have decided that you don’t want to lose your house. You know that many divorced couples sell their home when they end their marriage. They can then pay off their mortgage and split up any money that they’ve earned from that sale. You do not want to lose your house, so you’re hoping you can keep it.
It is possible to do this. However, you do need to consider whether or not it will be affordable on your new, post-divorce budget.
Refinancing your mortgage
To start with, even if your ex agrees that you can keep the house after the divorce, you may have to refinance your mortgage. If your ex is still on the paperwork and you start missing payments – even if it’s not for a few years – then your ex would be liable for those mortgage payments. If you refinance, then the loan is just in your name, and you are the only one who is liable for paying it back. But it can be hard to qualify for a mortgage loan on one income if you initially qualified for it on two incomes, so you will need to check with your lender.
Covering additional costs
On top of that, you are going down to one income, but the house is still going to come with a lot of costs. You have to pay the property taxes every year. You have to do routine maintenance and upkeep. You have to cover the costs when systems, like the HVAC system, break down. Homeownership comes with a lot of costs that go well beyond just the monthly mortgage payments.
As you can see, keeping the house is possible, but it may require careful thought and planning. Take the time to look into your options moving forward.