The decision whether or not to keep the home is a tough one for many because of the practicality and emotional attachment that comes with it. But is your home actually dead weight in your divorce?
In today’s episode of Your Money Minute, I help you take a good hard look at your home. You’ll want to decide whether or not you even want it. Can you afford it? Will you need to refinance? Can you downsize and save money instead? We’ll answer these questions — and many more — as I talk you through the process of considering your home in divorce.
Like anything in divorce: Tap your experts. If it’s a matter of your budget, a good financial planner and advisor (like a divorce CPA) should be able to weigh in. If it’s a matter of refinancing or qualifying for a mortgage, talk to a banker or mortgage broker. If it’s deciding whether or not the house is even worth it, your mental health professional can help you work through the practicality and emotional attachment considerations before making a decision.
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