There are a range of things that could be done with the family home in a divorce. One is that you could keep the house, buying out your ex’s interest in it. When considering this route, there are many important things to think about. We’ll go over some of them today.
Is it the right move?
Many things could impact whether getting the family home in the divorce would be a good fit for your financial future. Examples include:
- The home’s value
- The tax burden connected to the house
- How big future maintenance costs would be
- Your overall financial situation
- Your short-term and long-term goals
What is the right price?
One thing that has very big ramifications when going this route is the buyout price. Many things can affect what this ends up being.
- The value and equity level of the home: This is among the reasons why having an accurate and detailed valuation of a home can be critical when getting divorced.
- The rest of the divorce settlement: Reaching a fair and equitable split of marital assets is the main focus of Virginia’s property division laws. Under this system, what a fair buyout price would be for a home in part depends on how the rest of a couple’s marital property is being divided. This underscores how interconnected asset division issues are in a divorce.
What mortgage implications will the buyout have?
Buying out a home could require taking out a new mortgage. A range of factors can impact what size of mortgage is needed, when the right timing of getting the mortgage would be and what rates are available.
As this discussion illustrates, individual circumstances matter a great deal when it comes to issues regarding the family home in a divorce. Skilled divorce attorneys can help people with tailoring their approach to such matters to their situation and goals.