One of the most confusing and overwhelming decisions you will make at the end of a marriage is where you are going to live during and after the divorce. Consider your options carefully and what each could mean for you, your children, and the future once the divorce is final.
Continue to Own the Home Together
If your divorce is civil and you have good communication with your ex-partner, continuing to own the home together is an option. In this scenario, you both share the expenses of owning and maintaining the home, including the mortgage, taxes, and utilities. If you go this route, you will be financially connected to your ex-spouse indefinitely. You will also be dependent on them to keep up with their financial obligations to the home.
On an emotional level, it may seem like a good idea to stay in the family home, especially if you have children. With so many changes that come with divorce, you and your children may find comfort in the familiarity of your space, your neighborhood, and your community.
Yet, the financial reality of taking over the family home should be considered very carefully. Start by making a list of all the expenses that come with the home, such as mortgage, taxes, utilities, and repairs. Make sure you have enough cash to cover the mortgage and bills associated with the home if you decide to stay.
Rent a Home
Renting an apartment or home gives you time to adjust to your new life after divorce without making any major financial decisions. Renting on a month-to-month basis allows you to step back and think about what you want for your future. For parents of older children, renting is a good way to stay in the school district when buying a home in the area is cost-prohibitive.
For some people, the lower cost of renting versus owning a home frees up money for retirement savings or other goals. With renting, repairs and maintenance are the landlord’s responsibility, which can be a welcome convenience during a stressful time.
Buy a New Home
Some people look at divorce as a time to leave the family home and start over in a new place. Remember that buying a new home comes with many overlooked expenses, such as moving costs, furniture, home inspections, and closing costs, to name a few. You need to qualify for a mortgage, so do your homework. Check your credit score, review your income and debt, and become prequalified for a loan before you go house hunting for your dream home.
Baltimore County Divorce Lawyers at Huesman, Jones & Miles, LLC Help Clients Navigate Complex Divorce Matters
In Maryland, the matter of who receives the marital home is subject to equitable distribution laws, which consider the financial needs of both spouses. The Baltimore County divorce lawyers at Huesman, Jones & Miles, LLC will guide you through this process and help you make smart legal choices for the best resolution possible. Call 443-589-0150 or contact us online to schedule a free consultation today. With locations in Towson and Hunt Valley, Maryland, we serve clients throughout that state.