It is often said that there is nothing more challenging and contentious than getting a divorce. While divorces are often emotionally taxing, the financial implications of a divorce can be even more devastating. As a result, topics such as the division of marital property can be highly combative. Not only can the matter be contentious, but it can also be deeply complex.
Of all the financial issues during a divorce, figuring out what happens to the marital home can be incredibly challenging. While it is not guaranteed that the marital home will need to be sold, it is usually brought to the table and discussed. Assuming both spouses own the house, they can either sell the home or stay in the home and deciding who gets to stay is tough. If you are seeking a divorce and the division of marital property is an issue relevant to your case, consult an attorney who can protect your rights and walk you through the pros and cons of selling the marital home.
Pros of Selling the House
At the outset, both spouses should know the home’s accurate value. This will likely involve getting the house appraised to see what the house is worth on the current housing market. It will also be essential to know the monthly and annual costs of the house. This may include mortgage payments, utilities, and homeowner’s insurance. If it is decided that the marital home will be sold, the money from the sale is usually split between the divorcing parties. Sometimes, a spouse may choose to “buy out” their spouse. This refers to paying the spouse what they would have received had the house been sold to a third party.
Moreover, other advantages of selling the marital home include:
By selling the home, you get a fresh start.
Obtaining money or profit on the sale can help you pay down debts.
There is no need to argue about who gets to remain in the house.
Cons of Selling the House
The marital home may hold great sentimental value to a family, particularly if the couple bought the home at the start of their relationship or if their children were raised in the home. Selling the house under these circumstances can emotionally toll a family and their children. In addition, other disadvantages of selling the marital home during a divorce may include the following:
Moving can disrupt the lives of the children.
Selling the home will require both spouses to find somewhere new to live.
The parties may have to sell the house for less money than the existing mortgage, also known as a short sale.
Contact a DuPage County Divorce Attorney
One of the most challenging aspects of a divorce is the division of marital property. Deciding whether to sell the house can be a point of great contention. If you are getting divorced and the division of marital property is a pivotal issue, contact the knowledgeable Wheaton divorce lawyers with The Stogsdill Law Firm, P.C.. Contact 630-462-9500 for an all-encompassing consultation.