After an Ohio marriage comes to an end, an individual may be tempted to keep the family home. There are many questions that a person should ask before deciding to keep it. For instance, it may be worth considering if that individual could pay the mortgage on his or her own.
It is important to note that a divorce decree does not override the terms of an existing home loan. Therefore, even if the other spouse was ordered to pay some or all of the mortgage, there is still a risk that this doesn’t happen. In such a scenario, an individual could still experience negative credit consequences. If a person is able to keep up with the mortgage, there are still maintenance costs to consider and other issues that could influence a home’s market value.
To obtain the most transparency in a home purchase, it is a good idea to conduct the transaction at arm’s length. This means treating the purchase of a home from a former spouse the same as if he or she was a total stranger. As part of the purchase process, it’s best to have the home inspected and appraised by professionals. It is also a good idea to have a title search done to be sure that there aren’t any liens or other surprises awaiting a buyer after the transaction is complete.
Although a house may be an attractive asset in a divorce, it could be worth forgoing it in favor of cash or other property. Those who considering taking the marital home should consider the costs of maintaining it as well as its potential to appreciate in value. An attorney or financial adviser may be able to work with an individual to determine if he or she should accept the marital home.