4 Reasons Why You Should Give Up the House in Divorce

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6 жыл бұрын

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This episode of the Divorce and Your Money Show discusses the reasons to consider selling your house when getting divorced. Many people come into the divorce process with strong preferences on this issue because they have an emotional attachment to their house. This episode will help you consider all sides of the issue. It’s a good idea to think about the financial side, because your house is one of your biggest assets. Here are four reasons to consider not keeping the house. The house is a burden. Refinancing is complicated. Homes are expensive to maintain. You may end up worse off than you would have if you sold the house. After divorce, your income as a single person will be lower than it was as a couple, but your expenses will be similar. Given this reality, can you really afford to keep the house? A larger percentage of your income will be going towards your home payment. If your home payment is very low or you live very frugally, it may be possible, but for the vast majority of people, it is not a good situation to be in. It may not be financially feasible for you to stay.     If you have two names on the mortgage, it is difficult to take one person’s name off. From the lender’s perspective, they will want both people to be liable to make sure that payments continue to be made. Since your income will now be lower, it will be hard to obtain refinancing.   A home is more than just a mortgage. There are property taxes, utilities, maintenance, general upkeep, repairs, etc. Are you able to afford all of the expenses?   Sometimes, people want to keep the house to give their kids stability. However, if you are struggling to make payments, will your kids really be better off? Selling the house and downgrading can afford you more financial stability and flexibility. If your home is taking away from your income, it can put you in a tough position. It may do more harm than good.   Before you go, visit divorceandyourmoney.com: 1) Sign up for the email list to get exclusive tips you won’t find anywhere else. 2) To get access to the best divorce resources in the United States, check out the store here. 3) Get personalized help. Learn about coaching services here.   Thank you for listening!

Пікірлер: 32

@Al-mk4xl 2 ай бұрын

Consider that rental is not any cheaper and in best cases you’re saving money over renting, in the worst cases your expenses are equal or slightly higher but you get some equity along the way( not to mention the stress of moving, packing/unpacking, finding a rental, finding new schools for kids, connecting / disconnecting utilities, etc…). You can refinance in money emergency with keeping the house, sell much later if the market is hot and downsize, just more options than selling during divorce because selling in a divorce doesn’t get you the best price.

@laurakaspar75 6 жыл бұрын

My house is cheaper than any apartment rental and keeping it is the best choice because each year the value of if is going up.

@remymom 2 жыл бұрын

my home is paid off so the real cost is taxes and utilities so selling in the Austin Area is crazy. Selling would mean I might not be able to afford to live near my friends and family

@Liz13IamFree 2 жыл бұрын

I hear what you're saying. The housing market is so horrible right now for buying! My mortgage is less than a 2 bedroom rental! Rock and a hard place.

@mgtow6683 3 жыл бұрын

Marriage is like a Tornado: "In the beginning there's a lot of blowing and sucking, then you lose your house".

@user-yq6fg4cp4s 10 ай бұрын

Best comment

@adderon7476 10 ай бұрын

Off to see the wizard

@terrilam8505 4 ай бұрын

🤣BOL....I just saw this video and your response😂😅

@stanmoney8470 Жыл бұрын

My wife divorced me , she wanted to keep the house. I had her by me out! But my name is still on it. I had to file a special warranty deed. She had to file a secure of assumption.But my name is still on the house! She isn't in any rush too refinance!! How do I get my name off by myself. She can't go after me I have filed a special warranty deed giving her my portion of the home.. She filed a secure of assumption,meaning she assumed responsible of the home.

@DVul Жыл бұрын

Strictly speaking your home is often not an asset to you.. it's a money pit..

@chrisplumb8471 2 жыл бұрын

Absolutely love your book, Divorce And Your Monday. I'm on page 77 and learning so much as a Real Estate Divorce Specialist. Blessings to you and yours!

@EmersonBosworthJr 3 жыл бұрын

I didnt have that option. The court decided it for me.

@Dani-cg9hn 3 жыл бұрын

@William Wow So sorry if that is what you wanted. I am finding a system that is so screwed up, it is beyond crazy that it is in existence! Of course, as long as government entities are benefiting from it, there is perpetuating of the legal crime and the criminals are making and calling the laws.

@clodiamandes7153 5 ай бұрын

How come?

@stanmoney8470 Жыл бұрын

No you can't go after them if them filed a special warranty deed. If the other party filed a secure of assumption form. They are responsible. Now getting your name of it's another thing.

@hollyh8509 27 күн бұрын

Thanks, great information.

@Dani-cg9hn 3 жыл бұрын

Every case is individual. There is a somewhat most common type of case, but I highly recommend take your case to someone else to give you a view from out of the eye of the hurricane 🌀 where they can see better from the helicopter 🚁 to tell you there is clear 🌅skies ahead.

@adderon7476 10 ай бұрын

Leave the house, especially if you dont want to live in that town/anywhere near the ex. Get a structured settlement instead of alimony to avoid paying income taxes on the money and you still get it if you remarry

@pngproductions8529 Жыл бұрын

what if your a senior ,no job experience, and disabled and need assisted living, can you request it in a divorce?

@adderon7476 10 ай бұрын

That's called getting either alimony or a structured settlement. A good lawyer will make sure to get as much of that from the ex as possible then hopefully your SSI and Medicare will cover the rest

@joneats 5 жыл бұрын

I have a question!! I bought my house in my name. But it closed escrow a few weeks after we got married. The house is still in my name. With us splitting I cant afford the upkeep but the mortgage itself is fine. In California is it considered community property if it's only in my name. And would it be better to downsize to a condi or rent to rebuild my credit and process the divorce, etc??

@Divorceandyourmoney 5 жыл бұрын

Great question, and depends on your individual circumstances. The best way to discuss this question further would be via a coaching call, which you can book here: divorceandyourmoney.com/coaching/

@adderon7476 10 ай бұрын

Mowing the lawn and planting a few flowers or replacing all the plumbing kind of upkeep? If it's the former, diy it and keep the house. Most profits from house sales will get sucked up in the next home purchase so you're right back to square one, just with a different mortgage

@ambercalderon1078 6 жыл бұрын

Hi my husband and I are separated, and I live in his house cause he never wanted to put my name on the deeds and I’m paying the mortgage with the alimony that he provides me every month, so I’m wondering it’s ok that I’m paying for a house that it’s not on my name and it’s ok that’s the judge said that I pay the mortgage with the alimony ? Cause frankly his not paying for anything in the house . I’m a disabled person and I have his two children and it’s so hard paying the house and the bills .thank you liz from ny

@mmjproperties2028 5 жыл бұрын

Amber Calderon downsize and move to a property that's within your means. Don't go broke over a house you can't afford to maintain on your own. What happens if your ex dies or get incarcerated???

@Dani-cg9hn 3 жыл бұрын

@Liz after 2 years from this comment, what did you do? Please would you share an update for learning and help guiding? Thank you so much

@raybarker7408 9 ай бұрын

Y don’t u go get ur own house not live in his

@soulmate3210 5 жыл бұрын

I let the ex husband live in the house but if he sales the house I want my half and I did Grant him have it because I know he was going to lose the house because he fraud the IRS claimed me and my son for tax purposes and I am the custodial parent and he is the non-custodial parent which my son lives with me 100 percentage of time

@imoutbye 2 жыл бұрын

Or you give up your house and prices have gone up do much you can’t get back in to the market abs you’re renting the rest of your life. Coming from Toronto area market

@BunnyRabit-yo3lx Ай бұрын

This was a pretty awful doom and gloom video. There are plenty of social supports to help you keep your house and catch up on your bills especially if you have the kids. As another commentor mentioned your house is also a source of easy finance if you have equity.