Keeping the house
You can keep the house if you are aware of the risks and accept those risks.
When one spouse keeps the house during a divorce there are many things to consider. As yourself some qualifying questions before ultimately deciding to keep the house. Also, consult with an RCS-D™, real estate collaboration specialist in divorce.
Keeping the house? Ask yourself th following...
WIll I be able to afford the house?
Will I be able to refinance (qualify) the house within a few months after the divorce?
Will keeping the house cause a financial hardship that will affect me for a long time?
Things to consider when keeping the house
WIll I be able to refinance the house?
Usually if one spouse keeps the house they will be required to refiance the house within a few months after the divorce. If you don't qualify to refinace the house, you run the risk of losing the house or destroying the credit score of both parties. This will make future homeownership much harder.
Will keeping the house cause a financial hardship?
This is why you need to consult with a real estate divorce specialist. They have a team of professionals from the mortgage, title, insurance and inspection industries. The collaboration of all these professionals will give you the knowledge you need to make the right decisions and stay out of financial hardships.
What is the houses true value?
In Florida, all marital assets are usually divided equally, When one spouse keeps the house, they must give up some other asset to make the division of marital assets equal. Usually, an appraisal is used to determine value, this is a big mistake. If you only use an appraisal, you are losing out on thousands of dollars. Your RCS-D™, divorce specialist will assist you in getting to your houses true value.
The more informed you are about the house during a divorce, the better decisions you will make, thus avoiding any potential financial hardship.