Your divorce isn't just a possibility anymore. It's going to happen. You know it and your spouse knows it. It's just a matter of time.
You're trying to plan for your future in Illinois. One of the biggest questions you have, naturally, is whether or not you should keep your home. Is this time to sell the house and buy or rent a new one, or are you better off trying to find a way to keep your family home in your name?
The answer is different for everyone. For some, it's best to stay in the home, especially with kids. However, let's take a look at some of the reasons why you should get a new house:
You need that fresh start
You don't want to stay trapped in the same life after divorce. You may have a hard time moving on emotionally. Living in the same home may just remind you that your marriage ended. Getting a new house makes this feel like a fresh new start where you can make your life into whatever you want it to be. It helps you move forward with your life.
It's more affordable
With your family home, you likely bought as much as you and your spouse could afford. After divorce, you're dropping back down to one income. Even if you think you could stretch things out and pay the mortgage, is that how you want to live? You need a home that really fits your budget.
It makes sense with your life
Another thing to think about is what type of home you really need in your life. Perhaps you and your spouse bought a three-bedroom house, planning to have kids in the future. Clearly, that's not going to happen for some time. Would it make more sense to invest in a condo near your work? Buying a new house gives you a chance to look for the type of home you really want and need at this time in your life.
You could make money
Has the value of your current home gone up since you bought it? If so, selling it could give you some income as you go through divorce. You can then use that money to take a vacation, pay off your student loans, put a down payment on another house and much more. From a financial perspective, selling may clearly be the right move for you.
Again, the answer is different for everyone. Just make sure you really understand the process and what legal steps to take during a divorce.