There are many things to consider when going through a divorce. It is a major life change that is emotionally charged, making decisions about the future even more difficult.
One of the most important things to look at during a separation or divorce is where you are going to live once you are split from your partner. There is often a home involved and what you are going to do with the home you built together needs to be decided.
The decision about where to live and what to do with your home may seem daunting. But, considering the following will help you make the decision that is best for you and your family.
Consider the value of your house
When going through a divorce putting a value on all your assets is important. Often the family home is the biggest asset you have together and therefore you need to figure out how much it is worth. This will also help you decide whether to sell the house, or how it can be traded for something else in the equalization process.
Mortgages on a single income
Real estate can look a lot different when you are coming at it from a single income perspective. Whether you have decided to keep the matrimonial home or buy another property, getting a mortgage will come into play. If you are taking possession of your current home, you will need to re-finance the mortgage and you will have to be approved for the mortgage based on your sole income. Spousal and child support can help with this, but most lenders will look primarily at the money you make when it comes to approving you for a mortgage.
The same thing comes into play when you are looking for a new place of residence. Many people find it much more difficult to buy a home without the support of a partner, especially in the area where they were previously living. If owning is important to you consider getting a family member to co-sign the mortgage with you. This may seem like a step backwards, but it is a good way to ensure that the bank or lender will get on board with giving you a loan.
Renting is always an option
Once you’ve owned a home it may be difficult to think about renting, but in many cases, this is the best option. For example, some parents want to stay in the same neighbourhood for their kid’s sake but may not be able to afford a home in the area. Also, if children are older and close to leaving home you may want to rent until you can decide where it would be best for you to live long-term. Divorce and separation is a huge life change and not being locked down by a large purchase like a house can be very attractive when you’re not sure where life will take you next.
When it comes to deciding where to live and what to do with the matrimonial home every situation is different. Jobs, children, friends and family all have a role to play in your decision about where to live. Talking to a realtor who can help lay out your options is a great way to feel more in control and make the best decision possible for your situation.