Why Should You Sell Your Home in Divorce?

When going through a divorce one of the first things that may come to mind is whether or not you should sell the marital home. Divorce and selling a home or other real estate are probably two of the most stressful life events.

Going through both at the same time can be ten times worse. Questions of homeownership can become complicated to deal with when you are facing a divorce.

For many couples, their home is the greatest asset they have, and it usually holds a fair amount of sentimental value as well. As much as one or the other may want to keep the home, though, many times, the situation demands getting rid of it.

This can be due to financial, legal, or personal reasons, but in the end, they must unload the home.

Knowing how divorce affects the sale of a home, including reasons to sell, is essential. As emotionally trying as the divorce is, a wrong move concerning a home can come back to haunt you for many years – long after the divorce is said and done.

There are usually one of three scenarios that take place for most couples who go through a divorce:

• One of the spouses buys out the other legal interest and keeps the home.
• One spouse keeps use and occupancy of the home for a specified period, which is typically when the youngest child turns eighteen at which time the house can be sold.
• The house is sold immediately, and the equity, if there is any, is split up in some fashion.

Selling a home and getting divorced is a tricky business that should be thought through thoroughly!