Decisions About Your Family Home

When you're getting divorced, you have to decide whether you're going to stay in the family home, let your husband stay in it, or sell the house. It is not an easy decision because there are so many factors that come into play.

Are you going to take or leave the house in your divorce?

One of the main reasons you may decide to stay in the family home is to maintain stability for you and your children. According to the experts, however, the parents usually care much more about staying in the house than the children do. The kids just want to feel loved and safe, and they will thrive in any reasonable home or apartment.

A huge risk that you face if you decide to keep the home is the cost. Our newest resource, Take or Leave the HOUSE, will help you evaluate the financial impact of keeping the family home. You need to consider how much home ownership will cost you in the future, since you will be responsible for all of the maintenance and other [often overlooked] expenses on your own.

When developing a budget for after the divorce, people often forget to factor in ALL of the home costs. Things that can get overlooked include insurance, lawn maintenance, tree maintenance, and major repairs. Often, people look at only the monthly cost of the mortgage and the utilities, and forget about all these other costs that add up quickly.

If you have considered all of the home-related expenses and are moving forward to take the house in your divorce, make sure that you know how much the home is worth and how much equity there is in the home. You need to know these numbers to negotiate the finances in your divorce. The home usually represents a significant portion of your family's nest egg, so it's important to get these numbers right.

There are many professionals who can help you navigate the home numbers and decisions, such as a divorce coach, financial planner, or a Certified Divorce Lending Professional (CDLP). Do the math with your post-divorce budget and make an informed decision with the help of my newest resource Take or Leave the HOUSE.