Feb 102 min
Updated: Feb 15
In the tumultuous process of divorce, deciding the fate of your shared home is a pivotal choice, fraught with significant financial consequences. As someone who has experienced the complexities of divorce firsthand, I understand the weight of this decision and aim to guide you through the thought process.
Three Choices, Three Paths: There are essentially three choices when it comes to your marital home. The first option involves maintaining joint ownership, leaving both the title and mortgage unchanged. Alternatively, you can transfer the title and mortgage to one partner or opt to sell the house entirely. Each choice carries its own set of challenges and implications, requiring careful consideration.
Financial Considerations: Assessing your financial capacity is paramount. Can either party afford to bear the financial responsibilities alone? Relying on spousal or child support adds another layer of complexity. Consider the reliability of these payments, keeping in mind potential disruptions like job loss or spiteful behavior from your ex-spouse.
Ongoing Expenses: It's not just about mortgage payments. Property taxes and insurance are ongoing commitments that need to be factored in. Understanding the longevity of child support is crucial, especially if your child is approaching adulthood. If affordability is within reach, question whether keeping the house aligns with your overall well-being.
Embracing Fresh Beginnings: Sometimes, the most therapeutic choice is letting go. Starting fresh and selling the house can mark a new beginning, providing a sense of closure to the past. Celebrate this decision as an opportunity for personal growth and a positive shift in your life.
Honest Introspection: This decision demands honest introspection. Assess your emotional readiness and the long-term impact on your financial stability. Consider seeking professional advice to navigate the intricate details of real estate during divorce.
The decision to sell or keep your home during a divorce is multifaceted. Drawing from my personal experience and professional expertise, I am here to support you in making informed choices that align with both your financial and emotional needs.
Disclaimer: I am not a lawyer and this is not legal advice. Please consult with an attorney for personalized guidance on your specific situation.
AMANDA ALLEN, REALTOR
GRI-SFC-MRP
(903) 603-0648