How to Decide Whether to Sell Your Home in the Divorce Part 1
Getting divorced is one of the hardest life events a person can endure. Not only is it emotionally painful in and of itself, but there are accompanying struggles that tend to come with it. These can include adjusting to co-parenting, undergoing financial changes, and deciding how to divide your belongings.
If you own a home together, it is probably the most valuable of these belongings and consequently a big decision. Whether you’re telling yourself, “I want to keep my home,” or you’re saying, “Sell my house fast in Clarksville, TN!” this two-part article will help you make an informed decision.
Your Two Main Options
When it comes to handling their home, a divorcing couple typically decides between the following two options:
- One person buys the other person out
- They sell the home and split the profits
Of course, there are some less commonly selected options, such as co-owning the home and renting it out or even temporarily living under one roof. The latter is especially rare and not very conducive to moving on emotionally; however, some couples feel they can get along well enough to make this work while figuring out the next step.
Option 1: Buying Your Spouse Out
Sometimes one person wants to keep the family home. In tumultuous times like divorce, it’s human nature to cling to remnants of the familiar. Of course, the desire to keep the home can also be grounded in practical reasons, like having kids who are settled and happy at their neighborhood school.
However, this plan of action can come with consequences. First and foremost, some people underestimate how hard it is to maintain a home after transitioning from a two-income household to a one-income household. In addition to the monthly mortgage payment, taxes, insurance, and utilities, a homeowner must account for maintenance, routine repairs, and emergencies. Just one water leak or termite infestation could set you back thousands. This would already be extremely unwelcome news to a two-income household, let alone someone facing this financial burden alone.
Furthermore, getting your spouse out of the equation generally means you will need to refinance the home in just your name. You would need to see if you qualify to own the home alone.
Aside from the financial challenges, it is critical to ask yourself whether you even want to buy out your spouse and keep what was your married home. Once the brunt of the emotional pain has passed and you no longer need your proverbial security blanket, will you want to remain in the home you shared with your now ex? Will it bring back bad memories?
Sometimes it’s best to simply rip off the bandage! In fact, you can learn more about the second option, selling your home and splitting the profits, in Part 2 of this article.
Need To Sell Your House Fast?