As with most questions that arise during a divorce, no single answer exists regarding whether to sell or keep the family home. Instead, the topic may lead to many additional questions, which also need answers, before a divorcing couple can reach a decision. Looking at the issue with a realistic viewpoint and with a goal of finding a solution is beneficial in helping California couples choose the best option for their home.
During a consultation with a divorce lawyer, he or she will bring many issues regarding the home to your attention. This is enormously helpful because it may open your eyes to problems and solutions you and your spouse have not considered. The following section contains a few examples of the issues related to selling or keeping the home in a divorce.
Affordability: When couples divorce with children, it might make sense for one parent to remain in the home to avoid disrupting the kids. However, it is critical to make sure you can afford the costs of maintaining the home on one income.
Selling now or selling later: Often, it is beneficial to leave real estate issues out of a divorce, especially since you are already addressing many important life decisions. On the other side of the coin, make sure this is a realistic option in terms of your future finances and how clean of a break you desire with your spouse.
Benefits vs. risks: Again, having a realistic viewpoint is essential when weighing the advantages and disadvantages of keeping a home. For instance, it could benefit your entire family, including your children, to sell the home now and split the proceeds and the costs of selling between you and your spouse.
Source: U.S. News & World Report, "Divorcing? Should You Divorce Your Home, Too?," Geoff Williams, accessed May 25, 2018