Options Regarding the Family Home During Divorce

 Posted on May 08, 2018 in Kane

Divorce is considered to be the second-most stress-inducing life event a person can endure. Only losing a spouse through death is more stressful according to the American Institute of Stress. In addition to the emotional difficulty of ending a marriage, divorce can also bring up challenges when it comes to shared property. If you and your soon-to-be-ex-spouse own your home, you will need to decide how that asset will be divided.

Benefits of Keeping the Home

Many divorcing couples struggle with what to do with the family home when they realize their marriage is ending. A large number of couples with children decide to keep the home. They may not want to introduce too many changes to the family at once or do not want school-aged children to have to change schools. When deciding which spouse will stay in the home and which will move out, there are a few factors to consider. Which spouse will have the majority of parental responsibilities (custody)? Does the person keeping the house have the ability to maintain the property adequately? Can one spouse afford the mortgage payment on his or her own? A financial adviser or divorce attorney can help struggling couples understand their options regarding their house.

Benefits of Selling the Home

Some divorcing couples decide that selling their house is the best decision for them. There are several benefits to selling. Firstly, the profit gained from the sale can be hugely beneficial to the spouses as they restart their lives as single people. Secondly, many couples find that selling the home gives them the psychological closure they need to move on after the divorce. It can be difficult both financially and emotionally to stay in a home which you used to share with a spouse, especially if the marriage ended on bad terms.

Considerations for Those Choosing to Sell

If you choose to sell the home, there are a few things you should keep in mind. Firstly, consider any maintenance or updating the house will need. Homes usually require at least some refurbishment before they are ready to sell. This can be quite expensive and time-consuming. You and your spouse will need to discuss this before putting the house up for sale. Secondly, either you or your spouse will need to be available to show the house to potential buyers. A real estate agent can be an instrumental asset for those attempting to sell a house while also ending a marriage.

Seek Legal Guidance

If you are considering a divorce, it is important to discuss all of your options with an experienced Kane County family law attorney. Call 630-549-0960 to schedule a confidential consultation at MKFM Law today.

Sources:

https://mymortgageinsider.com/selling-a-house-while-going-through-a-divorce/

https://www.ourfamilywizard.com/blog/selling-home-during-divorce-what-consider