Should you keep your home when divorcing? This is one of the most difficult decisions that couples going through divorce need to make is what they will do with their family home. For most couples, they have very little choice but to sell their home, but for families with children, this can be a more challenging decision. Let’s take a look at the options for keeping your home when divorcing and how divorce real estate experts can help you with this tough decision.
Reasons to Keep Your Home When Divorcing
It’s important to note that there’s no right or wrong answer when it comes to selling a home during divorce, and we understand that each couple’s situation is unique. You may be working with a divorce attorney who can help you to understand the financial and legal obligations of your divorce, which may result in you having no choice but to sell your home.
One of the most common reasons for staying in a home while divorcing is to offer children a stable home for as long as possible. If your children only have a few more years left of school before heading to college, it’s often more sensible to leave them where they are than disrupt their home life during this critical time in their education. This can also be true if your children have a lot of friends in the local area, and you feel a move may be detrimental to their happiness and mental health.
Location is a key factor to consider when discussing selling a home during divorce. If you purchased your current home for its close proximity to your workplace, one of you may want to remain in the home for as long as possible. However, most couples will need to find a financial solution to remaining in the home. If you are lucky enough to be able to buy your partner out, this is the easiest way for one of you to remain there. For most couples today, this isn’t something they can consider, so the other option is to remain in the home for a few more years. Once your children have left home or you are more financially secure, you can then sell your home and split the value between the two of you.
Selling Your Home With a Divorce Realtor
While a few couples do try and continue living together during a divorce, this often starts to take its toll on both of you. For most couples today, the best option is to sell their home and to begin moving on with their lives. You’ll find that you can then share the value of your home and start fresh in a new property that’s convenient to your lifestyle. When working with a divorce agent, they’ll be able to offer you a clear indication of the value of your home, so you can start planning for your future and your next property purchase.
There’s a lot to consider when deciding to keep your home during a divorce, but it ultimately comes down to whether you can afford to remain there. At The Luxer Team, we can discuss all of the options available to you and work with both of you to find a solution that’s right for your family.