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Should you sell or keep your family home after a divorce?

On Behalf of | Jun 7, 2023 | Property Division

Divorce is a significant life event that can result in many changes and can compel many challenging decisions, including what to do with the family home. Whether to sell or keep the family house can weigh heavily on you because of the sentimental and financial value it holds for both parties.

Of course, you should recognize and appreciate the emotional attachment and the memories associated with your house. However, it’s crucial to separate emotions from the practical aspects of the decision-making process. In this instance, the most critical factor in determining whether to sell or keep the family house is financial. Divorce involves dividing assets and liabilities; the family home is typically one of the most valuable assets you’ll need to consider when setting yourself up for financial stability and success as you transition into a new phase of life.

Compare your property’s equity with its current market value

Assess the current market value of your home and the equity you have built over the years. If the property has appreciated significantly, selling it could give you a substantial financial boost, allowing you to start afresh after the divorce. On the other hand, if the property value has declined, selling might result in a financial loss.

Be honest about whether you can afford to keep the house

Can you afford to keep the house on your own? Since you’re getting a divorce, it’s crucial to remember that should you keep it, you’ll take care of it alone. Therefore, you should carefully evaluate your income and expenses to determine the financial feasibility of maintaining the property.

Consider factors such as mortgage payments, property taxes, insurance, maintenance costs and utility bills. If you cannot comfortably manage these expenses on a single income, selling the house might be the more practical option.

Deciding whether to sell the family house after a divorce is a complex and personal decision. It requires careful consideration of emotional, financial and practical factors. Seeking legal guidance can help you to gain perspective that you may not be able to perceive unassisted.

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