Californians who are ending their marriages will need to make many decisions, including where they will live both during and after their divorces. There are a number of different factors that people should consider in this regard.
People who are getting divorced will need to decide whether they will remain in their current homes, purchase new homes or rent. If people are wanting to stay in their homes, they will need to make a list of all of the associated expenses, including taxes, maintenance costs, liability insurance and mortgage payments. If people will need to assume the mortgages, they should determine whether or not they would have enough income to make the payments and whether they will be able to qualify.
People who want to move will need to decide whether they should rent homes or purchase new ones. If they want to buy new homes, they should be aware that they will need significant amounts of money to pay for the upfront costs. Renting may be a good choice for most people so that they can take the time that they need to make certain that they are making good decisions before they purchase new homes.
The end of a marriage can be a highly emotional time, and it may be best for people who are preparing to get divorced to take time to think about how where they choose to live might impact their finances. It may be a good idea for people to talk to financial advisers and family law attorneys before they make any hasty decisions that could have adverse financial effects.