Getting a Divorce and Selling Your House
As a homeowner going through a divorce, you have three options:
- Keep the house and leave the title and mortgage as they are
- Transfer the title and mortgage to either one partner or the other (you or your ex)
- Sell the house.
You'll have to ask yourself if either party can afford to keep the house under any scenario. If the answer is no, you must sell.
Unfortunately, this is often the case because one household is now becoming two households and it likely took a combined income to afford the mortgage on the house.
Some factors to keep in mind:
- Keeping the house can be accomplished through spousal support, but consider carefully the stability of your ex-spouse to assure this is a doable strategy.
- Keeping the house means that the mortgage payment, property taxes, insurance, and maintenance are all payable by you. Will you have enough time and money to rebuild your life or will you be a slave to your house?
- Are there too many negative emotions or memories associated with the house? Do you need to start over somewhere fresh?
- The mortgage is likely in both of your names, so taking one partner off will require refinancing; can the other partner qualify for the loan?
You can see it's complicated and there are other factors over and above the ones we've mentioned. Selling your house may be your best option after all is said and done. If that's the case, we're happy to help you through this difficult time.
If interested, fill out the form to the right to get started.