Selling the House When You Divorce
One of the options you have to deal with the house during divorce is to sell it and divide the proceeds.
If neither spouse wants to stay in the family home, or if neither can afford to buy out the other, you can put the property on the market and try to get the best possible price for it. Keep in mind that before the sales proceeds can be divided, you’ll have to pay off the mortgage, any equity line or second mortgage, and the brokers’ fees. You’ll also have to pay any capital gains tax that might apply. These expenses are one disadvantage of selling, especially if market conditions aren’t good for sellers. Another disadvantage is the need to uproot the kids when they’re already adjusting to a lot of change.
How to Avoid Costly Housing Mistakes During and After a Divorce
Divorce is rarely easy and often means a lot of difficult decisions. One of the most important decisions is what to do about the house.
In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific information and answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decisions are easier. Neutral, third party information can help you make logical, rather than emotional, decisions.
Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security, or unpleasant memories? Do you want to minimize change by staying where you are, or sell your home and move to a new place that offers a new start?
Only you can answer those questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or is it better to sell and buy? How much house can you buy on your new budget?
To help you know what questions you should ask and how to arrive at the right answer for your specific situation, a FREE special report has been prepared by industry experts entitled “Divorce: What You Need to Know About Your House, Your Home Loan and Taxes”.
Order this report NOW to find out how to make this part of your current situation less stressful. Don’t need a report and just want questions answered. Contact us today for a private confidential discussion. Laurie at 801-205-1600 or Marty at 801-205-3500 Free No obligation! We have worked with dozens of families like yours!