Can You Afford to Keep the House After Divorce? 5 Questions to Ask
- Lisa McNally
- Apr 29
- 3 min read
Key Takeaways
Assessing the affordability of keeping the marital home requires a thorough understanding of your post-divorce financial situation.
Consider ongoing expenses, such as mortgage payments, taxes, and maintenance costs, when evaluating your ability to keep the home.
Refinancing the mortgage in one spouse’s name is often necessary and depends on credit and income qualifications.
Emotional attachments to the home should be balanced with practical financial considerations.
Consulting with a divorce mediator and real estate expert can help you make informed decisions.
A Critical Decision After Divorce
Deciding whether to keep the marital home after a divorce is one of the most emotionally charged and financially impactful decisions you’ll face. While the home may hold sentimental value or provide stability for children, it’s essential to assess whether you can realistically afford to keep the house after divorce. Asking the right questions can help you make a decision that aligns with both your emotional and financial goals.
As a Certified Divorce Mediator, Coach, Financial Analyst, and Divorce Real Estate Expert, I’ve guided many clients through this complex process. Below, I’ll outline five key questions to consider when determining whether keeping the house is the right choice for you.
1. Determining If You Can Afford To Keep The House After Divorce - What Is Your Post-Divorce Financial Picture?
Understanding your income, expenses, and assets is the first step in evaluating whether you can afford to keep the house after divorce.
Questions to Ask Yourself:
What is my monthly income, including salary, spousal support, or child support?
What are my fixed expenses, such as utilities, car payments, and insurance?
Are there variable expenses that I need to budget for, like medical bills or school costs?
Having a clear picture of your financial situation will help you determine whether you can manage the ongoing costs of homeownership.
2. Can You Qualify for a Mortgage on Your Own?
If you plan to keep the house, you’ll likely need to refinance the mortgage in your name. This process ensures the other spouse is removed from the loan and shifts the financial responsibility solely to you.
What Lenders Will Consider:
Credit Score: A strong credit score improves your refinancing options.
Debt-to-Income Ratio: Lenders prefer a DTI below 43%.
Income Stability: Proof of consistent income is essential.
Refinancing can also provide an opportunity to access equity in the home, which may be required to buy out your spouse’s share.
3. What Are the True Costs of Keeping the Home?
Owning a home involves more than just mortgage payments. It’s important to account for all associated costs.
Common Expenses:
Property taxes
Homeowners insurance
Maintenance and repairs
Utilities and HOA fees (if applicable)
Evaluate whether these expenses fit comfortably within your budget. If not, selling the home may be a better option.
4. Is Keeping the Home in the Best Interest of Your Family?
For families with children, the marital home often provides a sense of stability during a difficult transition.
Factors to Consider:
Will staying in the home allow your children to remain in their current schools and maintain friendships?
Does the home’s location support your co-parenting arrangements and career?
While stability is important, it’s equally critical to ensure that keeping the home won’t create financial strain that impacts your family’s quality of life.
5. Are Emotional Attachments Clouding Your Judgment?
The emotional ties to a marital home can make it difficult to approach the decision objectively. However, prioritizing financial practicality is key to making a choice that supports your long-term well-being.
Tips for Balancing Emotions and Practicality:
Focus on the future rather than past memories tied to the home.
Consider how keeping or selling the home aligns with your financial and personal goals.
Consult with a neutral third party, such as a divorce mediator or financial advisor, for unbiased guidance.
How a Divorce Real Estate Expert Can Help
Navigating the decision to keep or sell the marital home is complex, but professional guidance can simplify the process. As a Divorce Real Estate Expert, I provide:
An accurate valuation of your home to determine its equity.
Insights into market trends and how they impact your options.
Assistance with refinancing or selling, tailored to your unique circumstances.
A Practical Path Forward
Deciding whether to keep the marital home after divorce requires a balance of emotional and financial considerations. By asking the right questions and seeking professional support, you can make an informed decision that aligns with your goals and sets the foundation for a stable future.
📅 Have questions about your real estate options during divorce? Schedule a Free Initial Consultation today at www.LisasCalendar.com to explore your options and receive expert guidance.
Author: Lisa McNally, Certified Divorce Mediator, Coach, Financial Analyst, and Divorce Real Estate Expert
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