Divorce can be an emotionally challenging and complex process, often accompanied by tough decisions. One such decision is whether to sell the family home before the divorce becomes final.
While it may not be a one-size-fits-all solution, there are several factors to consider when making the choice of whether to sell the family home.
Financial stability
Take a close look at your financial situation with your soon-to-be ex-spouse. Assess your joint assets, including the house, and determine whether you and your spouse can afford to maintain the property individually. Keeping the house may come with additional financial responsibilities, such as mortgage payments, property taxes and maintenance costs. Selling the house could provide a clean break, allowing each party to start anew with a more stable financial foundation.
Market conditions
Timing can significantly impact the decision to sell or keep the house. Research the current real estate market conditions in your area. A hot seller’s market might make selling the house an attractive option, potentially allowing you to secure a good price. In a buyer’s market, however, it might be more challenging to sell at a favorable price.
Future housing plans
Consider your post-divorce living arrangements. Considering whether you need to secure new living conditions can be a factor in the decision to sell. If you intend to stay in the same area and can comfortably afford to maintain the property, though, keeping it might be a reasonable choice.
Statistics suggest that as many as 90% of divorces end uncontested but that they often begin under contentious circumstances. One major reason that a divorce might become heated is because of valuable assets like a home or real estate. Selling this property ahead of time can help smooth over the entire process.