Are you planning on getting divorced, but own a home together? If so, this is likely complicating how you are going to divide all the assets during the divorce proceedings. You essentially have the option to hold onto the home or sell it, with each option having its own pros and cons. Here are some reasons to consider selling the home.
To Avoid A Credit Score Hit
It is likely that each person will not want to continue living in the home after the divorce. This could be from the home being too big and too expensive for a single person's budget, or simply wanting to move on and not be reminded of the marriage. However, the cost of maintaining a home is often a motivating factor to sell. If one person is unable to pay the mortgage every month prior to the other person's name being legally removed from the mortgage, it will cause the credit scores of both people to take a hit.
If you sell the home, you know that each person will be in the clear from potential damage caused to the other not keeping up with mortgage payments.
To Fairly Split The Home's Value
If a home is given to one person, that can result in personal property not being split in a fair way. The value of the home is likely much different than it was when you bought it, either increasing or decreasing in value. If a home went up in value, the person that receives the home in a divorce may actually make a huge profit when they eventually go to sell the property, which would not be fair to the other person.
By selling the home, it ensures that you will split the current value right down the middle with your spouse. It is the most fair way to divide such an expensive property.
Work With A Realtor
If you have decided that selling a home is the right thing to do when getting divorced, you will want to work with a real estate agent throughout the entire process. Not only is it the best way to ensure that the home is sold quickly, but it will also ensure that you are getting a fair price. A realtor can even handle a lot of the communication between you and your spouse so that you do not have to talk about it together if you do not want to.