Unless you or your former partner wishes to stay in the Illinois home you once shared after a breakup, you may need to think about selling the home you lived in during your time together. There are many important considerations involved in selling a home amid divorce, and one involves deciding when to list it.
According to HomeLight, Inc., there are pros and cons that come with selling the home before or after your divorce becomes final. Here is some of what you should know to make an educated decision about when to do so.
Selling the home before your divorce
If you have fears about finding and affording a new place to live after your split, you may want to consider selling your home before your divorce. Then, you and your ex may split the profits you make on it and use the money to put down a deposit or down payment on a new residence.
Selling the home before your official split may also help you make a mental and emotional break from your one-time partner. However, a possible downside to selling prior to your divorce is that the sale could potentially cause delays in your divorce.
Selling the home after a divorce
Time has a tendency to heal wounds. If you wait to sell your home, you may have an easier time working with your ex on the sale. However, selling after the fact may keep you tied to your ex longer than you want. It may also impact how much you might have to pay in capital gains taxes.
Ultimately, the decision that makes the most sense for you is going to depend on your specific goals, finances and timeline, among other variables.