Divorce brings many difficult decisions, not the least of which involve the family home. The house where you spent your marriage likely holds both financial and emotional significance.
Deciding whether to sell requires careful consideration of several factors. This decision impacts not only the divorcing couple but also any children involved.
Considering future finances
One of the first factors to consider is financial stability. Maintaining a home requires significant financial resources. Mortgage payments, property taxes, maintenance and utility costs can add up quickly. After a divorce, your overall household income might decrease. It can be difficult for one person to afford these expenses alone. Selling the home may provide a clean financial break, allowing each party to move forward without the burden of maintaining a costly property.
Balancing sentimentality and practicality
Another important consideration is the emotional attachment to the home. You might have many memories tied to the family home, making it a place of comfort and security. Over 22 million married-couple households have children — if this includes you, consider that the home may represent stability during a time of upheaval for the kids. Keeping the home may help children adjust to the changes in their family life. However, you must balance the emotional comfort of staying in the home against the financial realities.
Regarding the housing market
If the market is favorable, selling the home could result in a significant profit, which you could divide between both parties. On the other hand, selling during a downturn could result in a loss, which might make staying in the home a better option until the market improves.
Negotiating alternatives
In some cases, one spouse may choose to keep the home, buying out the other spouse’s share. This option works well if one party can afford the costs associated with the home. It also allows children to remain in a familiar environment. However, this is a decision to make only after considering long-term financial impacts.
Ultimately, the decision to sell the family home during a divorce depends on your own unique circumstances. Take the time to evaluate these factors and determine the best course of action for your whole family.