Tuesday, October 22, 2013

Keep or Sell Your Home During Divorce - Part 2

The decision to keep or sell your home when going through divorce can be an ongoing source of emotional conflict and negotiation between the parties. Check Part 1 if you have not yet.

What is the status of the real estate market in your area? Do you know what your home is worth? Are you underwater when it comes to equity or can you afford to pay off all of the mortgage on your home plus cover the costs of selling it and moving? After finding out how much you still owe on your home loans, consider consulting with a real estate professional to find out what similar homes are selling for near your home.

Consider whether you can really afford the house on your own after your divorce is final. This is a painful decision and no matter how much you want to stay, you must consider your financial situation. You will also need to find out whether you'll be able to qualify to refinance into your name. Also be sure to consider rising taxes, utilities, repairs, maintenance and landscaping as these items can chip away at the budget as well.


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