Your marital home is likely the biggest asset that you have. When you are going through a divorce, the way you handle your home is something that can impact the rest of your life. You should know a few points about how you can deal with the marital home.
As you consider each option that you have for the home, make sure that you think realistically about the suitability. You can’t let your desire to keep the home cloud your judgment here.
Do we have to sell the home?
You don’t necessarily have to sell the marital home, although, that is one of the options that you have. You might decide that one party will buy the other party out of their share of the marital home. This can be done by balancing out the property division settlement or it might be done through a cash transaction. If this does occur, make sure that everything having to do with the home transfers over to the person who is purchasing it.
When should we sell the house if neither of us buys the other out?
You can list the home for sale before the divorce if you want. This might give you the liquid assets necessary to handle the divorce matters. You can also sell during or after the divorce if you don’t get it done before the divorce. The timing is something that you and your ex might have to work on if you are planning on selling the home. Just make sure that you don’t allow yourself to be railroaded into decisions that you aren’t comfortable with.
Source: Our Family Wizard, “Selling a Home During Divorce: What to Consider,” accessed Aug. 17, 2017