If you’re like most people, the word home is likely to stir up many strong emotions. A home is a sort of haven where you can be yourself while surrounded by the people and things that make you feel happy and comfortable. A home may also be the place where your children grew up and the scene to many important firsts in both their lives and yours.
In cases where you and a soon-to-be ex-spouse are going through a divorce, questions surrounding what to do with a family home can be difficult and painful to address. As is the case with many divorce-related matters, there are often significant financial implications associated with keeping a family home. It’s important therefore, to do your best to take a step back and remove emotion from the equation when you are weighing the related pros and cons.
Top 3 Reasons Why You Should Sell a Family Home if You‘re Facing a Divorce:
1. A Home May Be Too Expensive – Not only will you be required to pay the full mortgage and all home-related bills on your own, but there are also likely to be unexpected home repair and maintenance costs.
2. You‘ll Likely Need The Cash – As long as your mortgage isn’t underwater, you and an ex can split profits from a home sale. Having access to liquid assets can be particularly helpful while going through a divorce before a settlement is finalized as well as in the immediate wake of a divorce.
3. It‘s Time to Look to The Future – Yes, it can be difficult to let go of a family home and all that it once signified. It also, however, can be extremely liberating and an important step in your post-divorce life.
Making the decision of what to do with a family home is just one of the many matters that must be considered and decided upon during the divorce process. Because every individual’s circumstances and future goals are different; it’s important to consult with a family law attorney who can answer questions and provide insight and advice about a range of divorce-related issues.