The pro’s and cons of whether to fight to keep the house upon divorce are challenging to say the least. It involves emotion, financial planning, and quite often, thinking about what is best for the children.
Let’s walk through a few different factors you should be thinking about, but you should also make sure you discuss your specific thoughts with a highly experienced divorce attorney, such as Howard County’s Milstein Siegel attorneys.
1. How much is it worth in terms of net equity?
2. Will I get enough to put a down payment on a new home?
3. Is the monthly mortgage-even after buying out my ex-spouse-lower than rent?
4. Will I even be able to refinance? HINT-Divorce attorneys know the best refinance specialists, especially those who focus on divorcing couples.
5. Is there a provision allowing me to assume the mortgage and not even refinance?
6. If I have to buy out my ex-spouse, how do we arrive at a fair price? Do I ask a realtor? Do I get an appraisal? What makes the best sense?
7. If we are selling the house, is it under water? Will we have to engage in a “short sale?” What are the consequences of this approach?
8. If we are selling the house and there is equity, how do we deal with paying for repairs and improvement suggested by the realtor?
9. If one spouse had been exclusively paying for the mortgage, should that spouse get 50% contribution from the other spouse upon either the sale or refinance of the house?
10. Should we consider use and possession of the house for a period of time, sharing expenses, until the children are of a certain age, and then either sell the house or have a buy out?
This list is by no means exhaustive, of course. Your highly experienced divorce attorney at Milstein Siegel should be your first step in gaining a great education and understanding your options.
