If you would like to take over the marital home after the divorce is finalized, there are a number of things you should first consider before you invest time and money into the acquisition of said home. Below are three such considerations to keep in mind.
Can You Afford the Mortgage and Other Costs Without Relying on Spousal Support?
Before making the decision to take over the marital home, consider whether you can afford all the costs associated with owning a home without relying on spousal support or other forms of assistance.
The truth is, even if your spouse has been ordered to pay support or if your spouse has promised to continue splitting the costs of the marital home, you can't rely on those payments. To avoid stressing over bills and any financial woes that may come with missing mortgage payments, only take over the marital home if you can afford the costs involved on your own. Remember, when you take over the home, you'll be solely responsible for paying the mortgage and other costs, so to avoid financial and legal troubles, be sure that your earnings are more than able to cover the home's costs.
How Long Will You Be Living In the Home?
There may be a number of memories linked to that home, but if you don't plan on living in the area forever and would like to sell in the near future, you may want to reconsider taking over.
There's absolutely nothing wrong with taking over the home, even if you have plans to move a few years down the road. You will, however, want to consider the home's value and whether you'll have any trouble selling in the future. While markets change all the time, there are a number of features that may make the home more marketable, even when the market isn't at its peak. For example, if the home is zoned within a great school district and the neighborhood is family friendly, you may have no trouble selling.
Is Your Ex-Spouse Willing to Give Up the Home Without a Fight?
There are a number of legalities involved in the taking over of a marital home, and if your ex-spouse isn't on board, you may be fighting an up-hill battle.
If you and your ex can't reach an agreement on who will get the marital home after the divorce is finalized, a judge will likely make the decision based on a number of factors, such as who's better able to afford the bills associated with it and who is the primary caretaker of the minor children. If you and your spouse have an equal chance of acquiring the home, however, you'll want to hire a divorce attorney who can help to build your case and give you the best shot at being awarded the home.
If you and your ex can't decide who will take over the marital home, or if you'd like to learn more about the legal implications associated with acquiring the home after the divorce, consult with an experienced divorce attorney, like one from Mauger & Meter, today.