Getting divorced does not necessarily mean you both have to move. In some situations, one person takes over the mortgage or buys their spouse out with a new mortgage, allowing them to keep the home even after the relationship ends.
What you decide to do is ultimately up to you and your financial position. Should you sell or should you attempt to keep the home? Many people feel an emotional connection to the house or just do not want to deal with the hassle of moving, so they try to keep it. To counter this instinct, in the spirit of really considering all of your options, let’s take a look at some of the reasons you should sell:
- It’s simple. You sell the home. You take half of the profits and your ex takes half. It’s over.
- You can move forward. The last thing you want is to stay involved in a long, complicated process with your ex.
- You start fresh. It may be hard to stay in the home if you did not want the marriage to end or if it did not end on good terms.
- You may earn money. If it’s a good time to sell, you can use those proceeds to eliminate other debts.
- You get to pick your new home. So does your ex. You both have a lot of freedom after the divorce.
Again, though, the choice is up to you. There is no right or wrong answer. Just make sure you take the time to carefully consider all of the legal steps you need to take.