Skip to main content

Should we sell our house during a divorce

Once you and your spouse have decided to end your marriage, there are a lot of issues on the table that need to be taken into serious consideration: the foremost being, whether or not you should sell or keep the home. Selling or keeping your home following a divorce is an entirely situational decision. There are certain instances in which keeping your home may be the smartest decision to make at the present moment--conversely, it simply may be the best thing to sell the home and relieve both parties of that burden.

The truth of the matter is, just as everything else in divorce, it is vital you don’t make an emotional decision. Deciding to keep the house purely on sentimentality can be disastrous, as the house was once supported with a dual-income. Now that you are divorced, you are likely facing a number of financial stressors, and cannot afford to keep up with the payments of a mortgage that is meant for 2 people. Refinancing the mortgage in order to get your spouse’s name off of the loan is an expensive procedure in itself, let alone surviving once you are solely responsible for payments.

However, it is also important to consider the state of the real estate market at the time of your divorce. If you are unlucky, there may be certain situations in which your house sits on the market, refusing to sell. The longer your house stays on the market, going unsold, the less it is valued at. This, too, will end up being costly in the long run.

Comments

Post a Comment

Popular posts from this blog

Northshore's Top Family Law Attorneys

Chicago Illinois Divorce and Family Law, Mehta Family Law Group of Chicago. The Mehta Law Group is one of Chicago’s premier law firms. Our team of lawyers and staff are here to serve you and to help you build a better future for yourself and your family. We represent individuals, families, and children in every aspect of the legal process from beginning to end. Our attorneys bring with them over 30 years of combined experience, we are professional, and treat every individual with the respect they deserve. We are hardworking and don’t back down, our goals is always to advocate for our clients, to ensure a positive end result... Call Chicago IL Divorce Lawyers Now...... Call Now 312-374-4559   
Post a Comment
Read more

Divorce Is a Process. So Is Rediscovery

  Divorce Is a Process. So Is Rediscovery One of the most important things to understand is that rediscovering yourself doesn’t happen overnight. If you’ve spent decades in a marriage, raising children or building a shared life, it’s natural to feel disoriented when that chapter ends. You may have spent years identifying primarily as a spouse or parent. Now, suddenly, you’re being asked to redefine your identity. That takes time. Just as the divorce process itself can take months or even longer, rediscovery is a journey. It involves reflection, experimentation, and sometimes stepping outside your comfort zone. But the process of exploring who you are today and who you want to become is an essential part of moving forward.
Post a Comment
Read more

Military Divorce Rule of 10/10

  In military divorces, the "10/10 rule" is  a federal guideline determining how a non-military spouse receives a share of a service member's retirement pay . It dictates that for the Defense Finance and Accounting Service (DFAS) to make  direct monthly payments  to the ex-spouse, the marriage and creditable military service must overlap for at least 10 years.  
Post a Comment
Read more