If you have lived in an expensive home during your marriage, you may wish to hold on to it after you have completed your divorce. Even if your spouse seems ready to give up any claim on the home, you might find that owning a costly residence by yourself is not worth it.
After your divorce, your financial state will change. If you were part of a two-income household, you will now shoulder the burden of maintaining your home by yourself. Kiplinger explains some costs you should be aware of that could turn your marital home into a money drain.
Upkeep of your home
Expensive homes have a lot of maintenance costs. A larger home needs a lot of electricity and water, so you will face high utility bills. Your upkeep costs will increase if you pay a housekeeper. If your home has a garden, you should factor in costs to maintain it, perhaps by hiring a gardener. Other expenses include inspection costs to look for termites, money for repairs to the walls or the roof, and any taxes you must pay on the residence.
Even if you can pay for your residence’s upkeep and taxes, other costs stemming from the divorce might drain your wallet. If you own a smaller home, such costs might not be a problem. However, if you have to cover legal fees and pay ongoing spousal or child support, it may become difficult to keep paying the costs of owning an expensive home.
Hiring a financial advisor
Even with all these costs considered, you might still be able to afford them. One way to know for certain is to hire a financial advisor to look over your assets. By understanding your present financial state and how much money and assets you will likely have post-divorce, you might determine whether your marital home will remain a worthwhile investment.