When you and your spouse are married, all the two of you can see is a life filled with happiness together. But now the flame has gone out, and you feel it is time to dissolve your marriage.
And with this revelation, there are many questions: custody concerns, asset division, splitting property, and many more questions that need to be discussed and finalized.
One of the most asked questions is – Do we need to sell our home if we get a divorce? And quite honestly, the answer isn’t always straightforward and here’s why:
- If both of your names are on the home, one spouse cannot force the other to sell it without a court order
- When you and your spouse sell your marital home, it often becomes a clean split from the shared liability and debt
- Refinancing may be an option if one of you are willing to buy the other out – only do this if your financial neutral professional feels it makes sense and if you can qualify to refinance without your spouse
- Buying the other person out can also be a viable option through an equity division in your shared assets or cash buyout
- Some people opt to do nothing, keeping the house and title as is – but this can be very risky because even though you are divorced, you both still share the financial liability of the home
When you utilize the collaborative divorce process, you can work with a neutral financial professional who will review your financial landscape unbiasedly and develop a property division plan that is agreeable to both of you.
Our team at Family Divorce Solutions is a group of well respected, experienced and trained attorneys, mental health professionals, financial professionals and child specialists who work as a team to reach a complete and satisfactory resolution for the whole family.
Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental or tax professional to determine what will work best for your situation.