During a divorce, it can be difficult to determine where to live with your family. Even with joint custody, someone has to move out. Plus, emotions are quite high and all over the place–the living situation isn’t usually thought of in advance.
It’s all part of what happens during the divorce–who gets to stay and who gets to move? Where will the children live? Continue reading to learn more.
Every situation is unique
According to Romano Law P.C., a divorce attorney in Portland, Oregon, divorce can happen for a wide variety of reasons and the best course of action would be to consider the next step for the living situation.
Since each divorce is different, what works for one situation might not work for another. This is especially true if children are involved. If there are kids, the first priority should be to ensure the kids live in the most comfortable scenario.
For instance, they should stay in the current family home, if it will still be in the picture. If you can keep everything else about their lives the same, that would be the ideal situation.
Selling your home can be difficult
As mentioned earlier, selling your family home can be very emotional. There are moving costs and more. So many changes are taking place, it can help to keep a few things the same–especially for the children.
If you are friends with you neighbors, it is nice to have them as part of a support network during the transition of the divorce. So, it’s important to think of the benefits of keeping the home and letting the children stay there.
Of course, a divorce can mean the division of finances. And, it can be harder to support the same household and lifestyle on one income. So, the divorce also brings about the financial issues along with all the costs involved.
You might even have to determine if you need a lending company if any family businesses are involved–to help alleviate some of the costs of an outgoing provider.
You must start by creating a detailed list of all the costs involved with staying in your home. This should include utilities, cleaning, maintenance, major repairs and more. There is also the mortgage and taxes. If your mortgage is affordable, and you already have a lot of equity in your home, then it may make sense to stay–it can also be more cost-effective.
On the other hand, if the mortgage required both incomes and there isn’t a lot of equity, then a move might be inevitable. The departing spouse will no longer be contributing to the household. If necessary, it is possible to get an asset-securitized loan to help with the mortgage.
Buy a new home
This is certainly an option, and there can be an advantage to starting fresh. A downsizing might be needed if only one income will be paying the mortgage now. Still, that will help take away some of the financial pressures of maintaining a home that required two incomes.
With the right real estate conditions, the potential for building equity will help with future wealth building. Of course, it is also important to be realistic about all the costs that come with buying a new home.
A divorce is never easy, especially if someone has to move and if there are children involved. In the end, it helps to maintain a clear head about the living situation. The end result will affect everyone for the rest of their lives. Keeping things the same has its own advantages, as does making a new start.