Deciding to end a marriage is very difficult. An unfortunate aspect of divorce is the splitting of your combined assets, which includes your home. You should get unbiased information on your options for what to do with your property:
1. Selling the house; splitting the profits.
The goal in this situation is to capitalize your home's resale price. Factors that may influence the division of profits include the terms of your settlement, the original source of the down payment, and the property laws in your area.
2. Buying out your spouse.
Consider the new income of your household. Are you able to afford the monthly mortgage payment? If the original mortgage was qualified with dual incomes, would you have problems refinancing on your own?
3. Being bought out by your spouse.
This a great opportunity for a new start. One important caution, however: unless your existing home loan is refinanced, you may be considered liable for the mortgage, even though you are not the legal owner.
4. You and your spouse retain joint ownership.
You may choose to delay the decision regarding possession of the home, with one of you remaining as a resident. This poses no short-term financial worries; however, be conscious of the tax situation.
Please note that this material is for informational purposes only. You should seek guidance from a lawyer regarding your legal issues. And remember, if the choice is made to put your home up for sale, an expert Realtor can be invaluable in helping you maximize your profit.
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