Deciding what to do with the house during a divorce can be tricky. It’s likely your largest asset if you own it outright. If you have a mortgage, it’s your largest debt — though selling it may turn it into an asset if you get more than you owe.
Selling a home is a major financial decision even for married couples, and it gets even more complex during a divorce.
Selling is often easiest
The reason that selling the family home during a divorce is so common is that it is also often the easiest solution. If you and your spouse earn money on the sale, you can then divide what you earned and the whole issue is behind you. A few other reasons to sell the house include:
- You may not have other equally valuable assets to balance out the home if one person wants to keep it. When keeping a house, you likely need to get a brand new mortgage. Some people cannot qualify on their own, though they did while married, and so it makes the most sense to sell and buy a new house.
- You both get a completely fresh start and you don’t have to live in a home with all of the memories of your marriage. If you’re worried about your financial situation post-divorce, selling for a profit can give you a little extra money when you need it most.
Of course, what you choose is up to you and depends on the specifics of your situation. Just be sure you carefully consider all of your options and the legal steps you need to take. In an emotional time, while faced with emotional decisions, it’s helpful to have a dispassionate perspective that can help guide your moves in the wisest direction.