Many people dream of owning a home. Having their own space to dwell in, and perhaps build a family in is the goal.
Even if you achieve that dream that so many share, a divorce could affect the future of that dream. You may worry about your living situation during and after divorce. So, what should you know?
3 most common housing options after divorce
Of course, your housing options in North Carolina will depend on your individual circumstances. However, the general options after getting a divorce can include:
- Staying: Naturally, your home will be a significant asset in property division. There are many ways to handle the home in this situation, but you may negotiate to keep your home. It will be critical to address details such as refinancing and adjusting all the ownership documentation.
- Renting: Signing a lease to rent a property can often be a good temporary solution. This can be especially helpful during the separation period, in which spouses must live separately for at least one year and one day. You may also choose to stay longer based on your preference or circumstances.
- Buying: You may also wish to find a new property to begin this next chapter after ending your marriage, and maintaining your dream of owning your own home. As we have discussed in a previous blog post, timing will play a key role. You may wish to wait until after the divorce is finalized before you purchase a new property for your own.
You may be aware that these are the most common options. However, it can seem much more daunting if you are navigating this choice on your own after separating from your spouse. This is especially true after you divide the assets you accumulated during your marriage.
Carefully calculate your options
Regardless of which option is best for you, your financial capacity will be one of the most critical things to consider. Divorce will almost certainly change your finances. Even if this change is only temporary, you do not want to push the boundaries of your financial health after divorce.
The housing market always fluctuates. Balancing your finances and your timing will be important.