Keeping Your House After a Divorce
In the past, financial advisors had warned against individual spouses keeping their marital home after a divorce. However, nowadays, staying in your home after divorce has become much more affordable.
If you are considering keeping your marital home after a divorce, here are some things to keep in mind.
- Getting a professional real estate appraisal is a good idea to help correctly value the home. They’ll be able to give you the best estimate, helping you determine if you really can buy your spouse out.
- Ask yourself if you can afford the monthly costs the home requires. Going from a two-income household to a one-income household is quite drastic, so it’s important to plan.
- Ask yourself if it’s truly a good idea to buy the home. Make sure you are in good financial standing, paying off all high-interest debt. Additionally, you’ll want to make sure you have a steady emergency fund in place as well as a good foundation for your retirement accounts.
Divorce is understandably a tricky situation to navigate, especially when it comes to finances. Attorney Rahul Kishore of Shah & Kishore has a strong financial education background and is dedicated to making sure you understand your financial options during divorce. Contact our Maryland divorce lawyer for professional legal assistance with your specific divorce case.