Deciding where to live after a divorce is more complicated than most people realize. As a single household becomes two, the divorcing couple has to figure out what will happen to the marital home that they once shared. While many people in North Carolina might rely on their emotions when deciding what to do, it is important to consider the financial implications of keeping the house.
What about the mortgage?
One of the most important things to consider is whether one can secure a new mortgage. Qualifying for a new mortgage in just one person’s name can be a challenge, especially if the spouse who is trying to keep the house earns significantly less than his or her ex. Lenders typically do not count things like spousal or child support as income unless it has been consistent for at least two years.
What about maintenance?
There is a lot that goes into owning a home. Maintaining a home can be a costly undertaking, and it is something that many people overlook when considering keeping the house in a divorce. Aside from the mortgage, there are plenty of other monthly or unexpected costs, including:
- Regular upkeep
- Emergency repairs
The marital home often holds a lot of good memories, especially for parents. However, the reality of keeping that home is often not as realistic as some might expect. There are many costs that go into owning and maintaining a home, and doing so on a smaller income can create a significant burden. When deciding whether keeping the house is the best option for one’s situation, it might be helpful to seek guidance from an attorney who is experienced in North Carolina family law.