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.
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