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Considerations when keeping the house after divorce

On Behalf of | Oct 7, 2024 | Family Law

If you are getting divorced, you may end up selling your house. For many couples, the house is a marital asset. The easiest way to split it is just to sell it and divide the money.

But you may be interested in keeping the home moving forward. This is possible, but there are a few things you should consider before deciding to do so.

Do you need to refinance your mortgage?

To begin with, there is a good chance that you will need to refinance and get a mortgage loan in your own name. If you and your ex are on the same loan, you’re both technically responsible for the payments, even after divorce. But if you refinance into your own name, it releases your former spouse from any future liability

Does it fit your budget?

Another thing to consider is whether or not you can even afford the house. During your marriage, you were making financial decisions based on two incomes, but you’ll be going down to one. It’s a good idea just to make a post-divorce budget and see if those mortgage payments will even work.

Is it realistic?

The last thing to think about is whether or not you even need to keep the house. It can be beneficial if you have children and you’re going to share custody, especially if it keeps them in the same school system or near their friends. But if you don’t have children – perhaps you and your ex bought the house expecting to start a family – does it still fit with your plans for the future?

No matter what you decide to do, just be sure you are well aware of your legal options at this time.