What to do with the marital home is a major consideration in many divorce proceedings. Sometimes it’s a simple matter of both parties agreeing for one person to stay in the house. However, even if it’s not something you are fighting over, there still may need to be some changes, such as getting the mortgage in the name of only the person who’s retaining the home.
In most cases, however, the house will need to be sold or one party will need to buy out the other’s share. If there’s not much equity in the home, it can put one or both parties under significant financial strain because now they’re left without a residence and little to no money to show for it.
If the house is paid off or there’s a significant amount of equity in it, selling can be a smart decision. Many people find it difficult to remain in the marital home after the divorce because there are too many memories. Most people are ready to regain a sense of independence and start reestablishing their own lives.
Before you make the final decision about what to do with your home, it’s important to talk over your particular circumstances with a family law attorney. In many cases, someone thinks they know what the possible financial repercussions can be to a decision regarding property division only to find out later on that they were unaware of potential effects. Discussing your case and your options can help ensure you’re moving forward in the decision making or negotiations process with as much information as possible.
Source: USA Today, “Divorce decision: Keep the house or sell it?,” Peter Dunn, Aug. 06, 2016