Keeping the House During Divorce: What You Need to Know
It all begins with an idea.
Divorce is never easy. Beyond the emotional challenges, it also brings tough financial and housing decisions. For many, one of the biggest questions is: Can I keep the house?
Your home often represents stability, comfort, and security—especially during a time when so much else feels uncertain. Whether you can keep it depends on your financial situation, the legal process, and the strategy you take when working with professionals like divorce attorneys, financial advisors, and Certified Divorce Lending Professionals (CDLPs).
Why Keeping the House Matters
For some, keeping the home is about providing consistency for children who are already adjusting to change. For others, it’s about preserving an asset they’ve worked hard to build. But before making a decision based on emotion, it’s important to take a clear look at the numbers and your long-term financial health.
Key Considerations When Deciding
1. Affordability
Ask yourself honestly: can you afford the mortgage, taxes, insurance, and upkeep on your own income? Even if you qualify on paper, stretching too thin could cause financial stress down the road.
2. Equity and Buyouts
If your spouse’s name is also on the mortgage, you may need to refinance in your name alone. This often means buying out your spouse’s share of the equity in the home. A CDLP can help you understand how lenders view divorce situations and what options you have.
3. Mortgage Qualification
Even if you’ve been paying the mortgage for years, lenders still need to verify you can qualify independently. They’ll look at your credit, income, debt-to-income ratio, and any support payments you may receive (or pay).
4. Emotional vs. Practical Decisions
It’s natural to want to keep the home because it feels like the one thing you can control. But be cautious about holding onto a property that could limit your future financial flexibility. Sometimes, selling and starting fresh provides more freedom.
The Role of a Certified Divorce Lending Professional
A CDLP bridges the gap between divorce law, mortgage financing, and real estate. They can review your divorce settlement, evaluate your ability to refinance, and explain how support payments, assets, and debts affect your mortgage eligibility. With their help, you’ll know whether keeping the house is truly an option—and what steps you need to take.
Remember: your house is important, but your peace of mind and financial stability matter even more.