Life gets complicated when you go through a divorce. From figuring out finances to dealing with child custody, you probably feel overwhelmed. One of the last things you may feel like doing is moving, so staying in the marital home is important to you. Like a lot of mothers, you might also be thinking about providing a sense of stability for your children. The good news is that keeping your house is probably easier than you think.
Compared to the last decade or so, Texas real estate prices are fairly reasonable. This makes it much easier to do things like paying the mortgage and keeping up with the cost of maintenance on a single income. However, there are some important steps you will need to take first.
Get a new appraisal
Home values fluctuate over time. Depending on when you bought your home, it is possible that it is worth less than you think. Before you make any decisions about what to do with your property, consider having a professional real estate appraiser evaluate your home and provide its correct value.
Most people might not think of a drop in real estate value as good news, but it is for you. Low-interest financing is also readily available to most buyers. A lower home value combined with favorable financing makes it easier to buy out your ex’s share of the house.
Crunch the numbers
There is a lot more that goes into owning a home than just paying the mortgage. Still, many people tend to mostly focus on the mortgage because it is a large, recurring monthly payment. But you should also consider other costs like:
- Property taxes
- Maintenance and upkeep
- Homeowner’s insurance
You also need to consider your other debt. For example, you might not be in the best position to keep your family home if you have a lot of high-interest debt. It is always a good idea to have a realistic view of your finances before making these kinds of big decisions.
Look at your financial foundation
What does your financial foundation look like? Even though you have to deal with some of the costs associated with divorce, you should still do your best to maintain an emergency fund. Along with money in your bank, retirement savings and other assets, that emergency fund helps create a strong foundation for your future financial success.
A lot of memories can fit into a single home, and you are not ready to part with those just yet. You may even be thinking about how your kids are handling the transition out of a two-parent household. Since keeping the marital home is a priority, you should be certain to work alongside an attorney who has plenty of experience working in Texas family law. When you choose to get the right help, you are giving yourself the best opportunity to achieve your divorce goals.