Are you getting Divorce?
For many people going through a divorce their biggest asset is their home or in legal speak, the marital residence. Deciding what to do about the marital residence is often a major issue in a divorce. There are a few different options when it comes to splitting the marital residence. .
One option ?
One option is for one spouse to keep the house and buy out the other spouse's share. Another option is for one spouse to be granted exclusive use for a specified period of time, usually when the youngest child turns 18, after which the house will be sold. Finally, the house can be sold outright with the profits being allocated to each spouse
Is your spouse keeping the house?
If your spouse will be keeping the house, make sure you obtain an appraisal if the value of the home is in question. Also, get accustomed to the fact that it will no longer be your house. It may seem like you're leaving the life you had while your spouse is still living in it. But even though the home may be the same physical structure, in reality, wherever either of you live, your lives will be forever changed. Also consider how you will feel if your ex-spouse acquires a new mate who moves into your old home.
Should you sell your house?
Hard as it may be this is a decision that needs to be made devoid of emotions. As a practical matter take into consideration whether or not it is financially beneficial to keep the home. If not and you do decide to sell here are a few tips to help you through the process.
Time is money:
Put your home on the market as far in advance as possible of purchasing a new one. Remember that when people buy and sell a home there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to live up to the agreement
Can you afford to keep it?
Make sure it makes financial sense for you to keep the house. You may have bought the house with two incomes and keeping up with payments on one income may be tough or even impossible. Think not only of the monthly mortgage payment but also of the insurance, repairs, maintenance, property taxes, utilities and other expenses for which you will be responsible.
To keep the house, you may be required to buy out your spouse's equity in the house, which is measured by the value of the house minus any mortgages owed on it. You might be able to "trade" assets. In other words, you would give up your half of some other assets you own jointly to pay for your spouse's half of the house. You may be able to refinance the mortgage for more than you currently owe and pay your spouse for your spouse's half of the house from the proceeds of the new mortgage.
Selling your house before your divorce may work capital gains to your benefit
Divorce can have more of a financial impact on your future than buying a house or planning for retirement. Don't willingly give up what you have a right to, especially if you have custody of children, since your financial situation directly impacts them as well. And don't assume your attorney will protect you financially. In many cases it's worthwhile to consult a Real Estate Broker to assess the real value of your home assets, taking tax consequences into consideration, and to seek financial planning advice prior to a divorce settlement.
If you and your spouse can't come to an amicable agreement about the terms of your divorce, you will each most likely consult an attorney. But you may want to consider mediation or arbitration, which are less expensive than using an attorney to settle your differences, and don't require court appearances
Talk to your spouse
Of course you don't want to talk to your spouse. You're getting a divorce, and one of the main reasons you're getting it is a difficulty in your relationship with your spouse.
I can tell you without reservation, however, that if you can't talk to your spouse, your divorce will take longer and cost more. In all likelihood, it will probably hurt more too in the long run, because things will drag out and you will realize at some point that you have lost control.
Even though it hurts, keep the lines of communication and negotiation open to the extent you can. It's essential if you're working to stay in control.
Talking with your spouse is a two-way street, of course. If your spouse refuses to talk to you, you may be stuck dealing with him or her through lawyers, at least at the beginning. If this is the case for you, don't keep trying to start a conversation; that will make your spouse run from you. Simply make sure you remain open to direct communication. You may be surprised how soon the opportunity will present itself
Act now SELL YOUR HOME . Delaying can't help.If you already loose your spouse and do nothing, YOU WILL LOSE YOUR HOME and your money and your good credit rating.
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