Going through a divorce is difficult enough without having to uproot your life by moving out of your home. If you want to remain in your current house after the divorce is finalized, it is possible in many cases with the right preparation and expert guidance.

As your trusted divorce lending advisor, here are 5 essential factors I counsel my clients to consider if they plan to retain the house post-divorce:

1. Can You Afford the Payments?

Once single, you’ll likely need to shoulder the entire mortgage on your own. Analyze your income, budget, and debt to determine if you can comfortably afford the monthly payment plus associated housing costs. Be realistic about your financial situation.

2. Refinance the Loan

In most cases, you’ll need to refinance the mortgage into your own name. This involves getting approved for a new loan and interest rate. As your divorce financing pro, I can help you find the best refinancing option.

3. Buy Out Your Ex

If you keep the home, you’ll likely need to buy out your ex-spouse’s share of the equity per your divorce settlement. This may require a lump sum payment or structured installments. Planning ahead is key.

4. Consider Long-Term Plans

Think about your long-term goals. Do you want to stay in this home permanently or just for a few years? How does the house align with your future needs? These factors impact the financing.

5. Seek Expert Advice

Consult professionals like myself to understand all your options, tax implications, and risks before deciding to keep the marital home. An experienced divorce lending advisor provides invaluable guidance.

The decision to keep your home after a divorce is complex. Let me help you analyze the pros and cons to make the most informed choice. Apply Now

As your trusted divorce lending resource, contact me today to discuss your situation in detail and determine the smartest path forward.

Jacqueline

Divorce Lending Expert