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Keeping the Divorce House
By marionduffy | August 11, 2009
Many divorce specialists say that it is “never” a good idea for one spouse to keep the marital house. I disagree. As they say, “you should never say never”. While in many cases, it is best to sell the house when you get a divorce, sometimes it actually make sense for one spouse to keep the house.
I think what we would all agree on is that if you keep the house, know what you are doing. Make an informed decision. Too often the decision to keep the house is an emotional decision and this is the root of a lot of problems that occur after the divorce.
As real estate professionals representing buyers, we guide buyers through the due diligence necessary when purchasing a property. We advise all buyers to get property inspections, termite inspections, insurance reports, etc. However, when one spouse keeps the house in a divorce settlement, this process is rarely done. The result is that the spouse keeping the house is getting less protection than someone buying the house. It is important to note that just because you live in the house does not mean that you know what you are getting.
For instance, even though you live in the house, it is still very wise to get an home inspection. We all get accustomed to little quirks in our homes, but some of these things may need to be repaired in the near future. Are these costly repairs? What about termites? And how long are the appliances likely to last? While it is impossible for an inspector to guarantee nothing will break, a home inspection will give you a very good idea about the condition of the house.
It is also important to consult a loan officer during the divorce process. Are both spouses on the loan? If the spouse keeping the house agrees to individually refinance the house, can that spouse qualify for a loan?
There are other areas in which you need to be knowledgeable, such as title and tax issues. The point is that if you want to keep the house, it is imperative that you put your emotions aside and actually treat the house as a business transaction. A real estate divorce specialist can help you with this process and assist you with your property due diligence. Then you can make an informed decision that you will be able to live with after the divorce is settled.
Topics: Divorce |