Planning ahead for monthly housing costs after divorce

| Jan 12, 2021 | Family Law |

Regardless of your age, divorce is a stressful proposition. The process of your life completely changing is difficult for anyone to navigate. While everything changes, Wisconsin women who are of a more advanced age should consider creating a monthly housing cost estimate to give themselves a better position in the event their marriages end.

The trap of keeping the house

Financial guru, Suze Orman says that over the course of her career, she has seen countless women become laser focused on keeping their homes. While the reasons may vary, many women feel like if they keep the homes they once shared with their husbands that they have won the divorce proceedings. However, there are times where trying to hold onto the home can lead to financial hardship.

Why keep the house

A lot of divorced women fight to keep the homes out of sentimental attachment. While there is nothing wrong with becoming attached to the houses they live in, this emotionally driven urge can, at times, be harmful for your financial future. There are also cases where a divorced party wants to fight for the stability that maintaining the home can provide.

Monthly housing cost estimate

If you have decided that you want to fight for ownership of the home, you should work with a financial advisor to create a monthly housing cost estimate. This estimate should include the mortgage payment, insurance, utility payments, and all the other expenses of home ownership. Once you have this number, you should include it in your side of the negotiations surrounding the divorce.

In addition to a financial advisor, you should always work with an attorney who is familiar with your state’s divorce laws. This attorney can be a part of your team that fights for your rights to keep your home while still receiving the income that you need to maintain it.