How Your Home is Affected By Divorce
Getting a divorce is one of the most stressful times in your life. This stress is compounded when there is a house that is shared by the couple. Keep reading this guide on divorce and sale of a home to gain insight and understanding.
Deciding what to do with your house in Killeen once you have divorced is an emotional decision. For instance, you may love the home but are unable to afford it with a single income. Or, the house may have too many memories and you’d like a fresh start. Maybe you want to keep the house for your children or maybe you want to move to a new place that could be even better.
Whatever your reasons, deciding what to do with your home is a big decision.
To help you make that decision, we’ve created the free report “Divorce: What You Need to Know About Your House, Your Home Loan, and Taxes.” You can access this report by completing the form below.
Divorce and Sale of a Home Options
When you are getting a divorce, you have 4 options when it comes to your home:
- Sell the house upfront and split the proceeds
- Buy out your spouse
- Have your spouse buy you out
- Retain ownership
Option #1: Sell the House Upfront and Split the Proceeds
In this situation, your priority is to sell your home for the highest possible price. The proceeds you receive from the home may not be exactly half – the amount you receive depends on state law, your divorce settlement, and other factors.
Option #2: Buy Out Your Spouse
If you are considering keeping your home, you will have to buy out your spouse. This decision is dependent on whether or not you can afford the financial obligation of owning the home now that you are a single salary household. You may need to refinance your home to make it work.
Option #3: Have Your Spouse Buy You Out
If you’d like to leave the home, you have the option of buying out your spouse. However, keep in mind that if you and your spouse are on the original home loan you may still be considered a co-signer. Without refinancing first, you may be at a disadvantage when attempting to finance a new home.
Option #4: Retain Ownership
In some cases, spouses want to retain joint ownership of their home temporarily. It’s important to remember that if you do decide on one of the other options, later on, remember tax considerations that may change from the time of your divorce to the time of the sale.
Get Our Free Special Report on Divorce and Sale of Home
Divorce is always going to be a stressful time, but with our guide, you can alleviate some of your worries by getting the facts about divorce and the sale of a home. Your Home Sold Guaranteed Realty - The Salas Team is here to help.
To get full access to our free report “Divorce: What You Need to Know About Your House, Your Home Loan and Taxes”, complete the form below. For more information on selling your home, call us at 855-331-7653, contact us here, or fill out the information below.