Housing Options After Divorce

Divorce can be scary in many ways. Your life will change dramatically and you’ll have to make a lot of hard decisions, such as where you will live.

The marital home provides safety and security, but you and your ex cannot both live there after a divorce. One or both of you will need to move out.

Should you stay? Should you buy another house? Should you rent? Should you move or stay in the neighborhood?

When considering your housing options after a divorce, there are many factors to consider. First, you will need to assess your income, savings, debts, and credit score to determine what’s affordable. If you have children, you will need to consider their needs. Stability and proximity to schools, friends, and extracurricular activities are all important to children. Also, you will need to look at your future goals, like career opportunities, remarriage, or retirement.

So what’s best for you? Here are a couple options to consider.

Staying in the Marital Home

Many people have an emotional connection to the marital home. They may want to stay in it to provide stability for their kids. But is it really the best option?

After a divorce, you will want a fresh start. Staying put may seem like the easiest option, but keep in mind that the marital home will bring back memories — good and bad — of your marriage. Also, you need to understand if you can afford it. Beyond the mortgage payment, you will be on the hook for taxes, insurance, association fees, maintenance, and more. It’s a huge financial responsibility.

Buying a New Home

Buying a new home can help you get a fresh start. Plus, you can downsize, allowing for a lower mortgage payment. However, there are still taxes, insurance, and repairs to deal with. You’ll have to contend with moving costs and new items, like furniture. Also, buying a new home means coming up with a lot of money upfront — like 20% of the purchase price. So if you’re purchasing a $300,000 home, it’s recommended that you have $60,000 for a down payment. That’s just not feasible for a lot of newly divorced people.

Renting

Renting a home or apartment is a good choice for those who are newly divorce. You are given a lot more flexibility and you’re not expected to stick around long term. While you may be stuck in a one-year lease, that’s a lot better than a 30-year mortgage.

Renting can give you that space to figure out your new life without locking you into a house. You won’t need as much money upfront (just rent and a deposit) plus you don’t need to pay property taxes. You won’t be responsible for maintenance and repairs either. Something’s broken? Call the landlord. The main issue with renting is that you don’t build equity because you’re giving your rent money to a landlord.

Seek Legal Help

A divorce means new beginnings and often new housing situations. Where will you live?

A Fort Lauderdale divorce lawyer Edward J. Jennings, P.A. can help you find the best living situation that fits your needs. Schedule a consultation today by filling out the online form or calling 954-764-4330.

Source:

beyond-wealth.com/blogs/housing-options-after-divorce