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Sell Your Home AFTER the Divorce is Final?
Tuesday, September 24, 2013
Is it better to sell after the divorce is final?
If the value is lower than the mortgage balance you may decide to wait and sell later when the market conditions improve and values are higher. This may mean having to wait to sell and settle the matters concerning your home, AFTER your divorce has been finalized. Selling after the divorce is possible but has its advantages and disadvantages.
If you wait to sell until after the divorce, both parties retain title to the home. Some couples, due to financial hardship choose to continue living together in the home,despite the fact they are ending their marriage. This does not always go smoothly and has its drawbacks and is not recommended unless there is no other alternative.
Each of you can afford to live separately, but are still unable to afford selling your home at a loss. You may decide a better solution is for one of you to live in the home (both parties still retain title).
This option still has possible undesirable consequences, which should be taken into consideration before making a final decision. You will have to consider who is responsible for all of the costs to maintain the home until it is sold. Decide on a time frame for sale in the future and what to do if one party or the other refuses to abide by the negotiated terms. If you are going to retain co-ownership of the home be sure to factor all possible scenarios before making a final decision.
One spouse buys out the other and decides to live in the marital home. One of you may wish to stay in the home after the divorce, maybe it is only until your kids reach a certain age. Try not to let strong emotions and sentimentality decide the best course of action. Be sure to consider whether one or either of can financially afford to take over ownership alone. Can your spouse afford the buyout if there is equity in the home? Is your credit good enough to refinance the property into your name? Transfer of title is not the only factor. The person who is moving out of the home will want to be sure their name is taken off the mortgage completely to be sure that if an issue arises in the future, they are not liable.
Seek assistance from an expert. Sometimes the best scenario is to just sell my home fast, and both spouses move on with their new lives. A sell my home fast expert can help you determine the value of your home and give you an idea of how long and for what price you can sell your home. Having this information will help you in deciding which scenario is best concerning your home while you are going through your divorce.