Divorce and Real Estate
Divorce brings many emotional, financial, legal and housing considerations. During this time, non-emotional, objective and informative information can help you make the right decision, when it comes to your home.
Do you want to stay in your home? Will this bring unpleasant memories? Do you want to reduce change by staying put? Perhaps you would like to start over with a new home. After considering these logical questions, the budget will also determine your direction. Can you manage the mortgage payments on one salary? Will your spouse be contributing? Can you refinance the home? Perhaps it is better to sell and buy another home?
When it comes to divorce and the house there are four options:
There are also a number of financial and legal considerations with respect to each of these options.
- Sell the house and split the proceeds
- Buy out your spouse
- Have your spouse buy you out
- Retain your ownership