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I am getting a divorce. Should I keep or sell my home?

by | Oct 22, 2013

You are getting a divorce.  It is a major decision whether or not to sell or stay in your marital residence.  It is necessary to battle the pros and cons so that you are able to make a well-reasoned decision.  Consider the answers to the following questions to help in the marital residence decision-making process:

  1. Will the sale of the house impact my children?  If the answer is yes, how?
  2. Can I afford to stay in the house?  How will I pay the mortgage?
  3. Do I have the time, money and energy to give the house and yard the time it requires for maintenance?
  4. If I have to pay property division equalization to my spouse, do I have the funds to do so without selling the house?
  5. If I downsize, would my life be easier?
  6. Is there another location where I would rather live?  Where is my family? Friends? Job?
  7. Is the housing market moving upward instead of downward.  Is purchasing the house from my spouse a good financial idea?
  8. Will I be able to refinance?
  9. Do I have the funds to purchase a different house?
  10. If I don’t purchase the house but my spouse does, what impact will that have on my custody/placement?

Whether or not to sell your home is an emotional, as well as a legal and financial decision.  Picture yourself one year from now and decide whether or not your marital residence is a part of that picture.  Talk to your divorce attorney for additional insight.

Written by Vanden Heuvel & Dineen, S.C.


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