No one really wants to talk about what you should do with your house when facing a divorce. It's an extremely vulnerable conversation and often feels cringy, but I'd like to walk through some of the options when facing these decisions.
So many decisions need to be made when facing a divorce. When it comes to splitting assets, homeowners face big questions.
Questions might include, should we keep the house or sell it?
Can one of us buy the other one out? How does that work?
Can we refinance it?
What are the rates like?
What is the house worth versus what can we borrow?
Should we sell the home and split the profits 50-50?
I've worked with many families over the years facing these questions and the ones that decide to sell typically sell for these three reasons.
Number one, they need the money to begin building a new life.
Number two, they've decided to relocate because their support system has changed.
And number three, oftentimes there are just too many memories wrapped up in one place that it feels better to them to just move on.
Everyone has their reasons for splitting assets and it's good to think through these questions and also know what your resources are.
When kids are involved, it can be extra tricky as oftentimes parents are trying to keep the kids in a school and minimize change for them.
Recently, I was approached by clients who needed to sell their home due to a divorce. Discretion and fairness were their top goals. They had come together and made the decision not to get attorneys involved to make these decisions for them but to find an agent that they felt would represent them fairly and that they both felt comfortable with. We were able to sell their home quickly and get them their target number so that they could both move on in life. The bottom line is divorce is hard. If you or a loved one is walking through that right now, you have a million things that you are thinking through. If real estate is something that you need advice on, please reach out. I'm here.
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