Can you afford the marital home?

When divorcing your spouse, you need to understand the total amount of assets, including real estate, investment accounts, retirement accounts, etc. You also need to understand whether you are likely to receive spousal support. All of these factors will help you determine how your are going to support yourself after all of the assets are divided, and you are living on your own.

Many individuals that have been relying on their spouse, want to keep the marital property, despite the fact that their income is minimal. In order to determine whether or not you can remain in the marital home, you need to first consider the above, and second, speak with a loan officer, and determine if you would be eligible to refinance the home.

Although you may be very attached to the Property, you need to ensure that you have the financial ability to remain in the home. If not, it is likely your best option to sell the home, split the equity with your spouse, and find a new property where you can start fresh.

For more information regarding real property and divorce, contact our office at (586) 264-3756, to schedule your free consultation.

Related Posts: Post-Divorce Checklist, Does Moving Out of the Marital Home Mean You Are Abandoning the Home?, You’ve decided to file for divorce – now what?, Grounds for Annulment