Is Selling Your House the Right Option in Your Illinois Divorce?
Out of all the assets that a couple owns, the house tends to be the most valuable. It only makes sense for parties to struggle when deciding what to do with it while going through a divorce. Its ability to cause contention between the parties is also understandable, yet arguments can cloud judgment. Stop fighting and start considering the pros and cons of selling your home in a divorce, which are outlined in this post.
Reasons to Sell Your Home in a Divorce (and the Potential Benefits)
A house is more than just a building. It is full of family memories. It is, perhaps, where you raised your children. It is your home, and possibly the only connection you have to a happier time. As such, discussions about selling it may be triggering for either you or your spouse, yet there are many situations in which this might be the most beneficial route.
It may be the only asset of value in your marriage, which means it may be the only way to ensure you have the money to start over. The cost of maintaining it (mortgage, maintenance, HOA fees, etc.) may be too much of a burden for either you or your spouse to bear. Selling it could allow you to pay off the mortgage and still have a little bit of money left over.
Still, before agreeing to the sale, you will want to consider a few important points. Consider the health of the housing market in your area; if homes values are low, you may not get enough out of the sale to cover the mortgage and any post-divorce expenses. Still, if the cost of maintaining the home is too great, you may still wish to sell in order to pay off the mortgage, even if it means you will not have any money afterward.
Reasons to Keep Your Home in a Divorce (and the Potential Benefits)
If the housing market is poor, or you owe more on the house than it is currently worth, then keeping it may be the best option - even if only temporarily. Some parties choose to co-own the house for a while after the divorce and agree to sell it when the market improves. If you opt for this position, ensure your divorce decree clearly states how the money should be disbursed once the home sale has been finalized.
Divorcing couples with young children may also find that keeping the home is their best option; it ensures the children will continue to have a home. Still, if the house is larger than needed or the expenses are too burdensome, selling it may be worth consideration. Keeping your home after the divorce also means you will have one less task to tend to while going through the process. Just know that the person keeping the house will have to “buy out” the other spouse, which means that someone will be losing out on other assets (up to the value of the home).
Our DuPage County Divorce Lawyers Can Help You Make the Decision
With so many different factors to consider, the decision over whether to sell your home can seem like an impossible one to make. Davi Law Group, LLC can help. Seasoned and experienced, our Wheaton divorce attorneys can examine your situation, explain your options, and assist you in pursuing the option that is most suitable for you. Call 630-580-6373 and schedule a personalized consultation today to get started.