Divorce is a complex process, and it will have a significant financial impact on your future. However, it is also an emotional process, and your feelings may lead you to make decisions that are not necessarily in your best interests. One of these choices may include keeping the family home for yourself.
The house is one of the most valuable assets that your family has. You may not want to move or move your children out of the house where they live, but there are important factors to consider when making choices that will impact your future. If you believe that this is the right choice for you, it may be possible to buy out your spouse's share of the home.
Helpful questions to ask
After careful consideration, you may have decided that it is in your interests to buy out your spouse's share of the family home. If you can afford the cost of the buyout, the taxes associated with the home and the cost of upkeep, there are other things to take into account as well. Ask yourself the following questions:
- How much will you need to buy out your spouse's share of the home? This depends on factors such as how much each of you contributed to the cost of the home and whether it's possible to negotiate other assets for some or all of this cost.
- What type of mortgage will you need? It's smart to research what you will need in terms of a mortgage when you are the sole owner. You will want to get preapproval on finances and find out how much payments will be.
- How much equity do we have in the house? The amount of equity you have in the home will determine how much the buyout will be, and it can also be helpful to get an appraisal of the home.
These are just a few of the questions you will need the answers to before you buy out your spouse's share of the home. The goal for any choice you make during divorce is securing the best possible future for yourself.
The best future for you
The decisions you make now will affect your future for years to come. It is in your interests to take the time to do your research and seek guidance regarding the smartest way forward. If you want to keep the home, you may want to first discuss this goal with an Ohio attorney to understand the options available to you.