Home » Sellers » Divorce and Your Home

DIVORCE AND YOUR HOME

WHAT YOU NEED TO KNOW ABOUT YOUR HOUSE, LOAN, AND TAXES

Avoid these mistakes during and after a divorce:

Divorce is a tough situation that can open up many issues. The home can be a pivotal part of this process.

OPTIONS

1.) Sell the House & Divide Proceeds

One of the primary considerations of these circumstances is to optimize the selling price. Our team can help you avoid common mistakes in this situation. While you work to line up your financial affairs, pay close attention to understand the net proceeds. Your agent can help you estimate the total cost of the transaction.

2.) Buy Out Your Spouse

You may want to keep the house for yourself. To do this, you will need to make sure you can meet the monthly financial obligations on just your salary. If not, you may have to look into refinancing.

3.) Your Spouse Buys You Out

If you want to leave the house to your spouse and start new, be aware of the financial obligations that will affect your credit until your name is taken off the mortgage.

4.) Retain Ownership

Many couples that divorce choose to postpone a financial decision for a period of time (potentially while only one spouse lives in the home). This temporary situation could leave you with no immediate worries but keep an eye your tax considerations.

DECIDING TO SELL

It’s important to try and work together through a professional if you and your spouse decide to sell your home. Differences aside, both of you will benefit from being present when the listing contract is put together.