Selling Your Home During a New York Divorce
So, you’re going to file for a divorce. There are many decisions that must be made, and assuming you own a home, deciding what to do with it is one of the biggest. You have a few different options when it comes to addressing this issue. Is selling your home during divorce the best choice for you?
Selling the marital home during divorce isn’t right for everyone, and it might not be the best for you. There are no rules saying joint property must be sold during divorce, but a judge can order it after a divorce is finalized. With that being said, there are a few alternative options to selling your home during divorce:
- Living with your ex during divorce
- Moving out of the house
- Buying your ex out of their share in the home
- Keeping the home and practicing Bird’s Nest Parenting
- Neither party remains living in the home, instead, using it as an investment property
It is worth looking into these options if you aren’t sure you want to sell your home.
If you’re debating whether or not you should sell your home, asking yourself these 5 questions can help make the decision easier:
- Can I afford to buy out my ex, and will I be able to pay monthly costs on my own?
- What are the other housing options in my neighborhood?
- Am I able to refinance my home?
- Will my ex be willing to part with the home in exchange for other marital assets?
- Will I want to stay in this home if I eventually get remarried?
There are a lot of pros and cons when it comes to selling your home during divorce, but the action you take will come down to one thing: finances. Remember: you don’t want to be house rich, but cash poor.
Whether or not you should sell your home during divorce is dependent on the specifics of your case. The decision can be an emotional one, but there are benefits to selling.
For instance, letting go of the property and the bad memories associated with it is cathartic. Doing so can really help you cope with your divorce. There are financial benefits, as well. Selling the joint asset can provide with you with a financial cushion for life after divorce. You may even receive a tax break if you sell your home before your divorce is finalized.
Alternatively, there are downsides to keeping your home during divorce. Divorce has many financial pitfalls, many of which can ruin your credit and drain your bank account. Having to bear the burden of the monthly costs of your home contributes to financial uncertainty.
You should always consider hiring an attorney to handle your divorce, especially if your case involves property. Marital assets complicate divorce proceedings, and can often lead to longer case timelines.
The family law firm of Brian D. Perskin & Associates P.C. specializes in complex divorce actions. We make it our mission to assist our clients with every major decision during their divorce cases, including those concerning their homes. For more information, or to schedule your free and confidential consultation, contact us today!