${site.data.firmName}${SEMFirmNameAlt}
CALL NOW for a FREE Phone Consultation!
Phone Icon678-926-9234
Speak with Attorney Ed Hecht live 7 days/week 8am—9pm

Divorce and what to do with the family home

Some people in Georgia who are getting a divorce might want to keep the family home. However, there are a number of factors that should be taken into account. People should consider their income, the value of the house, whether they can refinance the house and if they will be paying or receiving alimony, among other considerations. A person may want to meet with a mortgage specialist to discuss specifics.

It may be necessary to either refinance the home or apply for another mortgage in order to remove the other spouse from any financial obligations. However, this may come with complications. During a divorce, for various reasons, people may fall behind on their bills and their credit rating may drop. Lenders may have requirements that a person has been receiving a certain type of income for a period of a few months to a few years. This includes alimony, part-time income, commission-based income and bonuses.

Holding onto the family home is sometimes largely an emotional decision, but it may not be the right decision from a financial standpoint. However, purchasing a new home presents challenges as well. For example, a lender may require a cosigner if a person's income is not high enough to qualify for a mortgage.

People who are going through a divorce may want to consider other ways of protecting themselves financially. The standard of living may drop for people who are divorced because maintaining two separate households is usually more expensive. Furthermore, divorced people may face other financial challenges. For example, a person may struggle to keep up alimony and child support payments, or a person who was supported by a partner might struggle to make ends meet on these payments. Couples who are near retirement may find their savings cut in half.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Ask Us Your QuestionsSubmit this form, and you’ll hear from us very soon.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Hecht Family Law
12600 Deerfield Pkwy
Suite 125
Alpharetta, GA 30004

Phone: 678-926-9234
Alpharetta Law Office Map

review us