There are few assets more important to spouses than their home, however, oftentimes, after a divorce, either spouse continuing to live in the home is financially unfeasible. For this reason, spouses will oftentimes agree to sell the home and split the assets they receive from doing so. That being said, if you are someone who wishes to keep your home, either for personal reasons or otherwise, there are various actions you may take to make it work. Below, our experienced New Jersey divorce attorneys have compiled a short bulleted list of potential options you may have if you are looking to keep your home after a divorce. They are as follows:
- Refinance your loan. If you are looking to keep your home after a divorce, refinancing your loan may be the best way to do so. That being said, to refinance your loan, you may have to buy out your former spouse first. As long as you can and you are granted a loan (this is not always easy as a single person), you should be in luck, as mortgage rates are currently at an all-time low.
- Co-own the home with your former spouse. While this may be risky, as both you and your former spouse are legally obligated to continue making regular mortgage payments on the home, if you trust your former spouse, this may be a viable option. For example, if you and your former spouse can agree on the fact that it would be in your child(ren)’s best interest to simply stay in the same home and not relocate until they graduate high school, you may continue co-owning the home with your former spouse. That being said, if your former spouse fails to make regular mortgage payments, then you will be on the hook, and if you cannot make these payments in their entirety, there is a very good chance that you will face bankruptcy, foreclosure, or other serious financial issues, so trust is absolutely key.
- Use retirement savings. While you may use certain retirement savings to help you continue living in your home, the truth is, this is not always the best option. However, in many cases, as long as you can obtain a QDRO, you may receive a portion of your former spouse’s employee retirement plan assets, and this may allow you to stay in your home.
If you have any additional questions, please do not hesitate to speak with our California divorce attorneys today. We are here to help.
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Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.