Is Keeping Your House the Right Decision?
During the property division stage of a divorce, ownership of the house is often a topic of intense debate. It is perfectly understandable for both parties to want to remain in their house after their marriage has ended. However, if you are preparing to fight for ownership of your current home during a divorce or separation, there are some important factors to consider.
Ending a marriage is often a highly complicated and emotionally draining undertaking. You need experienced and committed legal guidance to get through the process as efficiently as possible. Call a knowledgeable Orlando divorce lawyer of the Schlegel Law Group at 407-648-0280.
The Downside of Home Ownership
During the upheaval of a divorce or separation, it may seem comforting to continue living in your current family home. If you also have pets or children, you may not want to subject them to a stressful move. However, if you do become the sole owner of your current house, you may face additional complications such as:
- Ongoing expenses. Previously, you and your spouse may have worked together to pay for your utilities, home repairs, and so on. If you become the house’s owner following the divorce, you will likely find yourself solely responsible for all of these expenses. Review your budget carefully to make sure you can take on these costs.
- Taxes. Even if you can cover your current expenses, bear in mind that your property taxes are likely to increase over the years. While you may qualify for certain tax deductions if you are raising children or repaying a mortgage, the cost of property taxes can still be steep.
- Mortgage renegotiation. If you and your spouse applied for your mortgage together, you will need to refinance it in your name alone. Unfortunately, depending on your financial circumstances, you may not be considered eligible. You may need to contact a few different lenders before you find one who will work with you.
Choosing between keeping your home, selling it, and letting your spouse have it is a major decision. Our Orlando property division lawyers can help you carefully review your current circumstances and legal options.
Contact Us
The Schlegel Law Group strives to provide consistent and thorough legal assistance to each of our clients. To schedule a consultation with one of our Orlando divorce lawyers, contact us today at 407-648-0280