Is It Economically Feasible to Stay in the Divorce Home?

Is It Economically Feasible to Stay in the Divorce Home?

A common delima that arises within divorce is when one of the separating party prefers to keep the house for the sake of the children. While this may seem like a good idea at first, it can possibly often come with some unexpected results and ultimately end up not be the most economically feasible choice for you.

So, I'd like to present a way to help you determin what you can afford, so you can make a more informed decision about staying in the house. The following is assuming you and your STBX (soon to be ex) cannot come to an agreement.

First, have an honest talk with yourself. Can you afford it? Write a list of expenses:

1. House payment
2. Utilities—gas, oil, electric, water, sewer, internet,
3. Insurances—car, home, health, life, etc.
4. Phone—yours and or your children’s.
5. Normal auto upkeep—gas, repairs, oil changes, etc
6. Your personal upkeep.
7. Your children’s needs—clothes, school, sports activities
8. Unexpected car and home repairs
9. Other things you haven’t thought of!!!

Is there a chance of buying out the equity of your STBX?

Are the memories, should you stay, going to ‘challenge’ you mentally?

You won’t be thinking about the mental challenges of staying in the family home, trust me.  In my first divorce, my wife wanted to move out.  I would sit in the living room and just stare.  The most difficult was going into the bedroom and trying to sleep.

Finally, trying to hold onto my sanity, I rearranged some furniture so that everything would be more my own.  I put the bed against another wall.  I swapped the position of living room chairs.  Just small things, but it helped.  This is just a sample of what you will go through if you insist on staying in the home.

However, rearranging furniture is NOTHING compared to the financial issues that may be facing you; and you MUST face them.  If you don’t, the stress on you will naturally fall onto the children and you will certainly start seeing their behavior changing and you will not understand why; or worse, you will assume they are just adjusting to the divorce and will ‘snap’ out of it soon.  Sorry, but the damage is done.

Be honest with yourself and really do the right thing by the children.

Written by Randy Morrow, Virginia and the Nation’s leading Certified Real Estate Divorce Specialist; Professional Realtor in Arlington specializing in assisting divorcing couples sell their homes, training in the tax and legal aspects of divorce as it applies to selling the home.   Randy takes a whole family approach to his practice, meaning he is interested in the outcome of the whole family rather than just selling the home.  Mr. Morrow has appeared on several radio stations and guest blogs to several sites.

You may contact him at [email protected];
cell/text: 703.629.1733;
http://www.randymorrowdivorceandrealty.com