I recently visited my friend, Robin Goelman, for a chat about divorce and real estate. Robin is a terrific realtor with Compass who has a niche of representing clients while they are going through a divorce. She understands the difficulty of that time, and the many decisions and judgment calls that need to be made, and she is great at steering people to solid decision-making when it comes to either the family home or a new home. I have been grateful for her guidance to my clients when they are dealing with housing options.

Robin and I talked about some of the issues and challenges when considering whether you want to try to keep the family home post-divorce. The family home is often the single largest asset of a married couple, as well as the largest debt. A buyout payment or a refinance or assumption of the mortgage may be more than you can afford to take on financially. In addition, whether to stay in or leave the family home can be a particularly emotional issue, connected to your neighborhood community of friends, milestone family events, the raising of children and past holiday memories.

There are a lot of moving pieces that affect the decisions around the family home, including the other assets and debts of the family, whether there are children, and if so, whether the location of your home impacts their schooling, and whether it is an affordable option. Even if you can afford to buy out your spouse’s interest and stay in the family home, is that good for you, financially and emotionally? A fresh start may put in a better headspace, and greater disposable income may be a higher priority to allow you to live more easily, travel or save and invest in other ways for retirement.

Robin and I also talked about the professionals you want to consult with as you consider this part of a divorce. Those professionals include a tax accountant or financial planner, mortgage broker, realtor and of course, family lawyer. A tax accountant or financial planner can assist with understanding your assets, debts, and monthly expenses, income and cash flow to see whether the expenses of keeping the family home are a viable option. A mortgage broker can hope you determine how much mortgage you could be approved for, and what that mortgage expense would look on a monthly basis. And a realtor can help you get an idea of the value of your home in the current market, as well as what other housing options may be available to you.

You can watch the discussion at this link.

You can contact Marjorie at MJust@rkwlawgroup.com and Robin at Robin.Goelman@compass.com