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What To Do With Your Property in The Midst of A Divorce??

By
Real Estate Agent with eXp Realty 201856

Divorce is a tough situation which opens many emotional and financial issues to be solved. One of the most important issues is what to do about the house.

In my opinion, you have 4 basic options:

1. Sell the house NOW and divide up the proceeds.

Your primary consideration under these circumstances is to maximimze your homes selling price. We can help you avoid the common mistakes most homeowners make, which compromise this outcome.

As you work to get your financial affairs in order, make sure you understand what your net proceeds will be. Ex) After selling expenses, and after determining what your split of the proceeds will be. Note** The split may NOT BE 50/50, but rather may depend on the divorce settlement, the source of the original down payment, and the legislative property laws in your area.

2. Buy Out Your Spouse

If you intend to keep the house for yourself, you have to determine how you'll continue to meet your monthly financial obligations, if you now only have 1 salary.

If you used 2 incomes to qualify for the old loan, refinancing on your own might be a challenge.

3. Have Your Spouse Buy YOU Out

If you are the one who is leaving, you have the opportunity to start again in new surroundings with cash in your pocket.

However, be aware that if the old home loan is NOT refinanced, most lenders will consider both you AND your spouse as original co-signers to be liable for the mortgage.

This liability may may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won't have legal ownership.

4. Retain Joint Ownership

Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only 1 spouse lives there.

While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.

I'll finish up later!

Make it an awesome Day!

Glen 610.792.3000 (Call me Anytime!)

Posted by

Glen Russell

The Glen Russell Team

eXp Realty 

610-792-3000

888-397-7352 Ext 710

info@glenrussell.com

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