Going through a divorce is hard, but we don’t need to tell you that. It can be complex, and put a tremendous amount of strain on both parties to divide assets, as well as solve other practical matters. Deciding the fate of your once-shared property is no different – but we hope to offer you some guidance on what to do with your property once you have decided to divorce.
Sell If You Can
The “if you can” part of this has two components: both financial and emotional. To be frank, selling your home is probably going to be the easiest way to resolve the issue of what to do with dividing the property between two people, according to Money. By selling the home and splitting the profit equally, both parties can move on with finding their new living situations a little more easily, having relinquished the financial responsibilities of the old home. Truly, it may also help emotionally, as you two bought the house from a very different place, and it could be painful to be continually reminded of that fact. It can be difficult if you have children involved, and want to minimize the amount of change happening all at once; however, it is still the most logical solution. But keep in mind, there are extra incurred costs of the home selling process to acknowledge. Divorces themselves are expensive, and bringing on a realtor can also be a hefty added cost on top of that. These are all things to keep in mind.
No One Stays in the Home Unless They Refinance
We cannot stress this enough. Again, circling back to children, and whether or not the primary caregiver wants to maintain as much normalcy as possible for them by not moving out of their home. In this case, new financial terms must absolutely be established. It does not matter how amicable the divorce was, or if your ex-spouse is the most money-conscious person out there – no one stays in the home unless they refinance it in their own name, and handle the mortgage payments themselves. Divorces can change people, and a slip-up by one party can hurt the other party’s financial health, as their name is still attached to the home.
D&R Home Solutions, Inc. Can Help
At D&R Home Solutions, Inc., we know how to sell homes, regardless of any difficult personal situation going on in your life. We are experts in this process. We’ll do all of the research on a home, starting with its location, current market value, the repairs needed, and everything else you can think of, and we will sell it. The condition does not matter either – we buy and close faster than our competitors, and will get you moving forward with your life after divorce. Call us today at (214) 494-6222. We buy homes in The Colony, Allen, Plano, Little Elm, Lewisville, Frisco, and Carrollton.
Image Credit – Jiris/Shutterstock.com