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3 things to consider about keeping the house in a divorce

On Behalf of | Oct 5, 2022 | Divorce |

If you love your home, the possibility of losing it when you divorce may be too much to bear. Hence you may prioritize fighting to keep it.

The same could apply if it’s not the emotional bond you care about but the property’s worth. Most people’s houses are the most valuable asset they have.

Before you throw everything into the ring for your home, there are a few things you should consider.

1. What is its true value?

How much of the mortgage do you still have to pay?  Are there any expensive repairs required in the next few years? Is the market in your area stable? Or will the property’s price drop due to a general fall or a new development that brings down your area?

2. Can you definitely afford to keep it?

How much would a further rise in interest rates add to your mortgage payments? How secure is your job? Many people lose a home they stretched to afford due to small changes outside of their control that affect their finances.

3. Will you still enjoy living there?

You do not have to believe in ghosts to understand that the spirit of the past can live on in a building. Will you burst into tears every time you pass the spot in the garden where your spouse told you they were leaving? Will you need to redecorate the whole place to erase the memory of your time together?

If you want to fight for the house in a divorce, seek help to understand your options and the legal implications.