Should I Stay Or Should I Go? Selling A Home During Divorce

Divorce is a time of great stress and turmoil. A long term relationship is ending, and as the process rolls on, you have to break apart the life you built. What to do with a shared house is one of the biggest financial issues you deal with, and at some point, the question arises, should you keep or sell the family home?

A great deal of investment goes into a home, in both money and sentiment, and it can be a focal point of the struggle during the division of property. In almost every marriage, this is the most valuable asset on the table, and making a hasty decision may haunt you later.

There are many reasons to hold onto a home: emotional attachment, maintaining continuity and stability for the kids, and more. But as deep a connection as you may have with the old place, it needs to be dealt with in some capacity.

In most cases, one of three scenarios plays during divorce. One spouse can buy out the other and keep the home. One spouse, usually the custodial parent, remains in the home for a period of time, typically until the youngest child turns eighteen, and then it is sold. The house can also be sold immediately, with the proceeds divided between the two parties.

Every situation is different, but there are a number of questions you may want to ask yourself when considering whether or not to sell your family home during a divorce.

Can You Afford It?

With changes in your tax status, subsisting on a single paycheck, child and spousal support, and more monetary factors to consider, can you realistically afford the house on your own once the divorce is finalized? Be honest.

As much as you may want to stay, your financial situation simply may not allow for it. Can you still cover the mortgage, taxes, maintenance, and bills? Do you qualify to refinance the loan in your name alone? As you embark on the next chapter of your life, holding onto the residence may be a weight you don