Arizona Divorce | Keep the House If You Know…
You Can Keep the House if You Know What You Owe…
In some divorce cases, one of the spouses wants to keep the house after the divorce has been finalized.
Keeping the house comes with some benefits as well as many potential pitfalls. Performing your ‘house due diligence‘ is very important if you are planning on keeping the house after the divorce.
Can you qualify to refinance the house on your own income. credit score, and debt-to-income-ratios and take your soon-to-be-ex-spouse off the mortgage?
Do you really know all the monies that are owed on the house? Does the house have an open Home Equity Line of Credit (HELOC)? If it does, close the HELOC quickly.
Are there any tax liens on the house?
Can you afford the ongoing maintenance cost?
Do You Know What You’re Getting Stuck With?
Have you considered all the ongoing costs of keeping your current home? Not just the mortgage, but property taxes, HOA fees, insurance, and maintenance?
Remember, you’ll be down to a single income.
Are you planning on spousal or child support to help you pay the housing cost? What happens if your former spouse dies and your spousal or child support ends?
If you keep the home, how will you pay for your family’s extracurricular activities?
How will you pay for vacations?
Will Keeping the House Destroy Your Future?
If you find that you can no longer afford the house there are the possibilities of having damaged credit, a default on the mortgage, foreclosures, and bankruptcies.
Basing your decision on emotions can have devastating effects on you for years. Make your decision wisely.