Determining the Future of the Marital Home in Divorce: To Keep or To Sell? One of the key factors to think about when deciding to keep or sell your home in a divorce is whether you can afford to keep making payments on the house or if you need to sell it to get money. While emotions are important, it’s best to focus on practical thinking over feelings. Many people face financial challenges by holding onto a house. Remember, houses can be replaced, and selling one with equity might be the smartest choice. For lots of couples, the house is the biggest asset in a divorce. Most couples own their home together, which makes deciding whether to keep or sell it a major choice. Often, one person keeps living in the home while the other moves out. Even if the plan is to sell or refinance later, it usually doesn’t happen right away. In Florida, there are several key factors to take into consideration when it comes to keeping versus selling. Here are a few suggestions…
- Before making any major decisions, have your home professionally appraised or consider a fair market valuation assessment to determine its current market value, which can be crucial in financial evaluations.
- Before making a decision to keep the home, thoroughly assess whether you have the financial capacity to cover mortgage payments and other associated expenses independently.
- Before opting to sell the home, make sure you understand the potential tax implications, such as capital gains tax, and how it may affect your financial situation post-divorce.
- If you need to leave the marital home, carefully consider how it could impact your credit score and future housing opportunities as you navigate this transition. 5. Seek advice from a family law attorney about utilizing a divorce lien (promissory note) to secure financial agreements when one spouse plans to remain in the home, ensuring the protection of both parties’ interests and obligations.
- It’s important to promptly separate your living arrangements to prevent potential conflicts with your spouse and ensure a smoother transition post-divorce.
- In situations of financial strain, it may be worth exploring the option of temporarily sharing the marital home post-divorce, especially if selling or moving out immediately is not feasible or in the best interest of children. In the complex process of determining whether to keep or sell your marital home during a divorce, seeking expert guidance can provide clarity and peace of mind. I encourage you to
consider reaching out to a Certified Divorce Lending Professional (CDLP) or a Certified Divorce Real Estate (CDRE) expert who can offer solutions based on your unique circumstances. Trained experts with specialized knowledge are equipped to help you make better informed decisions about your home and financial future.
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