If you and your spouse decide to move forward with divorce, it is imperative that you don’t make any rash decisions until everything is finalized. If you have plans on making a big decision, such as selling the home, it is important that both parties are on board with the idea.
Before you sell your home, here are some questions to answer:
- Do both parties have a place to live that they can afford?
- Are you selling the home because of the divorce, or is this something that you were planning on doing anyway?
- Will a move put your children in a worse position in the long run?
- What type of impact will this have on your tax situation?
- Is it best to hold onto the house for the meantime, waiting for the court or mediation to figure out what will happen to it?
Some people decide to sell the family house before divorce. Others realize that this is not in their best interest, and instead wait for the process to play out. You have a number of options, all of which should be discussed with your former partner. It may not be something you want to do, but if you share the home it is a must.
Divorce is sure to bring many changes, including those to your living arrangements. Even if you stay in the family home, it will not be the same once your spouse moves out. Knowing your options will allow you to make an informed decision that works out well for both parties.
Source: Family Education, “Who Gets the House?,” accessed Dec. 29, 2015