You are getting a divorce. It is a major decision whether or not to sell or stay in your marital residence. It is necessary to battle the pros and cons so that you are able to make a well-reasoned decision. Consider the answers to the following questions to help in the marital residence decision-making process:
- Will the sale of the house impact my children? If the answer is yes, how?
- Can I afford to stay in the house? How will I pay the mortgage?
- Do I have the time, money and energy to give the house and yard the time it requires for maintenance?
- If I have to pay property division equalization to my spouse, do I have the funds to do so without selling the house?
- If I downsize, would my life be easier?
- Is there another location where I would rather live? Where is my family? Friends? Job?
- Is the housing market moving upward instead of downward. Is purchasing the house from my spouse a good financial idea?
- Will I be able to refinance?
- Do I have the funds to purchase a different house?
- If I don’t purchase the house but my spouse does, what impact will that have on my custody/placement?
Whether or not to sell your home is an emotional, as well as a legal and financial decision. Picture yourself one year from now and decide whether or not your marital residence is a part of that picture. Talk to your divorce attorney for additional insight.