Options for the House during Divorce
What Should I do with the House?
One of the most important decisions when getting a divorce is what to do with your house. This is a hard decision for many divorcing couples. There are many reasons that the house becomes a big issue for many couples as it represents so much more than just real estate. Divorce and real estate can be a very stressful and emotional time. Figuring out what to do with your home while dealing with disolving your marriage adds to the complexity of the situation.
Check on the “Whys”
Checking on why you want to keep the home is helpful. Few people realize that they are mourning three things all at once. Those that hold on so hard to the property usually do so because of fear of losing the memories, the changes that face them today, and even the loss of the future promises. The great news is, those memories can't be taken from you. Today and tomorrow will change no matter what you do. It is important to make long term good decisions so that you don't risk financial loss longterm
Fighting to keep a house that you can't afford will not create the future that you want and will be a burden instead..
It may be that you want to protect your children by keeping the environment the same. Now, one of the things that you always hear is that kids are resilient. The crazy thing is children, handle the changes better than the parents often do. Emotional ties to a home are what often drive the decision to fight for the marital home. Giving it up is proof that the marriage is over, and many times the lifestyle is drastically going to change because of the separation of incomes and assets. The resentment and dread can set in.
Hire the Right People
Be sure to sell the home by hiring a real estate team that can remain neutral, seeking what's best for both parties. A team that is compassionate and can keep both parties taking the next step in the real estate sale is the best option.
Another option is to buy out the other party. Now, you may think that that's a great thing, but if you are on that mortgage, you need to understand that your responsibility does not end once the property changes title. If your name is on that mortgage and they stop paying the mortgage payment, it could negatively impact you, long term. So one of the things that happen is it's really hard to be moving forward on the financial responsibility if that is not dealt with properly.
Now, the third thing you can do is negotiate it as a part of the settlement. You need to make sure that you can afford the property if you want to keep it in the long term. Remember, you will now have two households with the same incomes versus the one household before. So, ask yourself, "Can you afford to keep this home?" Any questions that you might have, we're here for you.
Give me a call with any questions at 561-352-3056.