When most people think of divorce, they think about the end of a romantic relationship. However, a marriage is not only a romantic union, it is also a legal and financial union. Often, separating two spouses’ finances and property is one of the most complex parts of the divorce process. This is especially true if the couple has accumulated significant assets throughout their marriage.
One of the biggest concerns many divorcing couples have is what to do with the family home. Whether or not you choose to sell your home during your divorce is completely up to you and will depend upon your family’s unique circumstances and needs. If you are contemplating what to do with your home after divorce, there are a few things you should keep in mind.
Can Either Spouse Afford the Mortgage Payments?
It can be extremely difficult to give up a home that you have come to love. This is often especially true for parents with children. Many divorcing parents worry that subjecting their children to a relocation in the midst of the divorce will be too much change for the children to handle. You may also worry about moving out of your school district and forcing the children to change schools. For some couples, selling the family home simply does not make financial sense. If you or your spouse wish to keep the home, you will need to decide one spouse will manage the mortgage payments on his or her own. The spouse who takes ownership of the home may need to refinance the mortgage or it may make more financial sense to assume the existing mortgage without refinancing.
Does Selling the Home Make More Sense Personally and Financially?
For some divorcing couples, selling the home is more beneficial than one spouse keeping the home. If neither spouse is capable of making the mortgage payments or maintaining the home on his or her own, it may be better to sell the home. Profits from a home sale could be used to settle joint debt or you could use this money toward your new lives as single people. For some, selling the home offers the psychological closure they need to move on after a divorce. Selling the home gives some people the fresh start they need both financially and emotionally. In addition to your divorce lawyer, a financial advisor may be a useful resource when you are deciding whether or not to sell your home.
Contact a Kane County Divorce Lawyer
If you are considering divorce, you may be overwhelmed by the number of decisions you need to make about property, debt, parental responsibilities, and other issues. Fortunately, you do not have to face divorce alone. Contact MKFM Law to get the legal guidance you need from a St. Charles family law attorney you can trust. Call 630-665-7300 today to schedule a consultation at MKFM Law.
Sources:
https://www.nerdwallet.com/blog/mortgages/how-to-handle-your-home-during-divorce/
marketwatch.com/story/what-to-do-about-your-home-in-a-divorce-2017-03-10
