Your marital home is likely one of the highest value assets you have. You probably worked hard to get everything in the home arranged according to liking and tastes of you and your spouse. Now, you are going through a divorce and your ex is telling you that he or she is going to take the house from you.
No matter how much you love your marital home, you might have to consider the fact that it isn’t going to remain in your hands. Your ex might want to buy you out. You might want to buy your ex out. You and your ex might decide to sell the home and split the profit. If you opt to sell the home, here are some factors to consider:
Should the home be sold?
You have to think about how much you owe on the home. This is a significant consideration because if you or your ex can’t keep up with the mortgage payments, the home will need to be sold. Don’t think only about the mortgage payment. You need to think about the other expenses to keep the home. Insurance premiums, upkeep costs and repair expenses are three of the costs that you should consider immediately.
You also need to think about whether your children should remain in the home. Once you reflect on all of these points, you should have a better idea about what you need to do with the home.
When should you sell the home?
There is no single right answer regarding when you should sell the home if you are getting divorced. Instead, think about everything that is going on and decide what is best for your case.
Some people choose to sell the home prior to the divorce because of tax implications and other monetary concerns. This might also be a good idea so that marital debts can be paid off.
You might sell the house during the divorce, partially in an effort to cover some of the bills associated with the divorce. You might find that this option enables you to take advantage of one final income tax return with a married filing jointly status, which could benefit you financially.
Selling the home after the divorce is finalized might work for some people, especially those who have children living in the home. In this case, the decision to sell the home later might come down to not making the children adjust to the divorce and a new home simultaneously.
As you think about each of these options, make sure that you take the time to consider how they might impact you in the long run. You have to make decisions that are in your best interest now.