Who gets the house?
A very complex question in most divorce cases. This question usually brings about a problem. Either both parties want to keep the house, neither wants to, or one wants it but the other isn't giving it up so easily.
This might be the only asset a couple has to divide, so it makes it tough. Or the house might be special because some sort of memorable event has taken place here.
The house is safe to place warmth and comfort so one is not going to give it up easily if they want it.
There are a few options when it comes to the house. One can keep it, in which they'll have to buy out the other's interest in the home.
This option most likely requires refinancing. Another option is selling the home and splitting the proceeds between the two parties. If there is no equity when selling the home, both parties have to share the loss.
Questions to Ask Yourself
So when determining when to keep or sell, no one can answer that question for you. But it is very important to think long and hard about your reasoning if you decide to keep the marital home.
- Are you going to be able to afford the home on your own if you decide to keep it?
- Would you be able to refinance?
- Are monthly utilities going to be a problem?
- Did you think about taxes?
Questions like this are critical to take into account when deciding on whether to keep or sell.
Two options: keep or sell. What are you going to do?
Whatever you decide to do, make sure you review everything involved in your decision and the effect it will have on you financially.
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