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Possible problems with keeping a marital home

On Behalf of | Jun 3, 2023 | Divorce |

Many divorcing couples decide to sell their marital house and split the proceeds. However, you might want to continue living in your marital residence even after your marriage is over. This is possible, but potential hurdles could make it unworkable if you are not careful.

U.S. News and World Report explains different problems to be aware of before negotiating with your ex to keep ownership of your marital home.

The costs to keep the home

A divorce means you lose the income of your spouse. Both you and your spouse may have been supporting the house on your respective incomes. However, you will have to shoulder the financial burden yourself following the completion of your divorce.

This can become a problem since a house has many expenses, including property taxes, mortgage payments, utility bills, property upkeep, and home insurance. You should also factor in possible repair costs if your house suffers damage from natural disasters or man-caused calamities.

Leaving loose ends

Co-owing a home means you and your spouse are on the same ownership and financial paperwork. Sometimes one spouse refinances a home to remove the other spouse from the mortgage so that the owning spouse is fully responsible for the mortgage.

However, you might run into trouble if you do not also take your spouse off the house deed. If you ever decide to sell the home at a later date, your ex may object. This could cause significant delays and possible court action.

Basically, your choice of action should account for any loose ends. Consider making sure that your divorce settlement firmly establishes your plans for your home and that all ownership documents comply with your wishes.