One of the biggest adjustments to a divorce is determining what your new living arrangements will be. The question that will inevitably come up is whether you should keep and continue to live in the marital home or sell it. There can be many pros and cons to keeping a home after a marriage, there is usually not a right answer, but certain factors can determine which is right for you.
What goes into the decision to keeping or selling your house after a divorce? Here are some options that can help with the decision.
Can you afford to stay?
As much as you love your home and feel comfortable living there, you most likely purchased it because there were two incomes living in the home. Will your one income sustain the mortgage payments and the rest of the bills you have? You may also need to consider if you will need to start paying child support or alimony. One reason why so many people want to stay in the home is because they do not want to disrupt the lives of their children. Keeping a home to provide stability for the children can be good, but it may all come down to affordability.
Do you plan to remarry?
Replacing that second income is an option if finances are the problem to keeping the home. The biggest hurdle in this scenario may be how your new spouse feels about living in the home that you previously occupied with your ex.
Is nesting for you?
This is a relatively new concept, but one where it allows you to keep your home. The idea of nesting is to have your kids live in the home full-time and each parent will split time staying with them. The couple could each find their own second place to live or the couple can even share a second home, where one would be there when the other is at the marital home. This may not be a situation for the long-term, but it may be an option until your children are older.
Selling the home…but should it be now or later?
If you wait on selling the home, you not only give the kids a place to live until they are ready to move out on their own, but you will gain additional equity on the property. However, if selling the home now means income from the sale will be a needed benefit after the divorce, then selling now may be the best route to take.
What you decide to do with your home as you are going through a divorce can be stressful. There are financial and logistical factors that will go into your decision. Consulting with your attorney can be helpful as you can discuss all aspects of your divorce, which in turn, may give you a clearer picture of what you want to do with your home.
