Top Reasons for Selling Your House In Divorce
If you’re going through a divorce, it can be hard to navigate the many ramifications of keeping or selling your house. It’s likely that your home is one of the most valuable financial assets you have as a couple. Plus, your home carries a lot of emotional and sentimental value too.
You may consider finding a way for one of you to keep your home. If you have children, some couples even arrange to temporarily keep the house together. However, many couples find that legal, financial, and emotional considerations mean selling the house is their best option.
While some couples peacefully come to an agreement where one person keeps the house, it isn’t always simple. If one person gets the house, you still have to figure out how to value the home and split other assets accordingly. When you can’t agree, the legal ramifications can be complicated. You may end up in court, where a judge will decide for you.
Typically, selling a house during a divorce is the cleanest way to divide your assets without a legal battle. When you choose to sell, you pay off the mortgage, taxes, and any other related expenses and split the funds that are left.
When you initially qualified for your mortgage, it’s likely the amount was based on both of your annual incomes. If one of you plans to keep the house, you may decide to refinance the mortgage. This process allows you to pay off the old mortgage with both of your names and create a new loan in only one name.
During this process, you will need to qualify for the new mortgage based on your income alone. Paying for the mortgage, taxes, and insurance can be hard for one person to manage—even if you had the highest income. You also have to consider that you’ll be solely responsible for repairs and upkeep in the future. For many, these factors make keeping the house too much to handle financially.
Whether you’ve been in your house for a couple of years or decades, you probably have many memories in your home. It’s also likely you made decisions about the style and decor of your home together. Beyond the financial and legal concerns, these emotional reasons are often deciding factors for couples.
If you’re considering keeping the house, think about how it might affect you emotionally. Many people find it hard to be surrounded by a home that reminds them of their former marriage. Selling the house and starting out in a new place often makes the most sense. It lets you get a fresh start and create a space of your own.
Help Selling Your House During a Divorce
If you’ve decided to sell your house due to a divorce, you need a fast, easy process. During an already stressful time, you don’t want to worry about expensive repairs or months of trying to get it sold. We specialize in helping homeowners like you find the right option for their complex home situation.