Reasons for not keeping the home after divorce

Many people often consider reasons to keep their home when they get divorced, such as not wanting to go through a move or maintaining stability for children who want to keep living in the home. There certainly can be many good reasons to try to keep the family home. One spouse keeping the home is of the main three options that we recently discussed.

It is important to look at things from all sides. To that end, here are some reasons you may not want to keep the home.

It will feel more expensive

You and your spouse may have been living on two incomes while you were married, but that will drop to one income after the divorce. This makes everything about your home feel more expensive. Even simply paying the mortgage takes up a greater percentage of your monthly income.

You may need to refinance

Speaking of your mortgage, you will probably need to refinance it after the divorce. This way, you are the only one who is liable for future payments, but refinancing on one income can be difficult.

It can prevent a fresh start

Finally, consider the mental and emotional side of the divorce. Many people feel like living in the same home prevents them from fully having a fresh start and moving on with their life. If you are looking for ways to put the divorce behind you and move forward — especially if you do not have children — it may be best to sell the home, take your share and buy a new place to live.

As you can see, deciding what to do with major assets can be complicated during divorce. Be sure to think about it carefully and consider all of your legal options.