The most valuable asset that most couples own is their house. This is why your home tends to be one of very few factors that hold up a divorce. You don’t have to lose it when you and your spouse split up though. You can buy your spouse out or put the home up for sale and split the proceeds. Each of these options carries with them their own set of pros and cons.
You may consider buying your spouse’s share of the home if you anticipate the home increasing in value in the future. You may end up making larger profits off of a sale down the road compared to what you’d make if you tried to sell it now if you simply hold on to it.
Another reason that you may want to buy out your spouse’s interest in the home is if your job, friends or family are nearby. You may find that your life is always in flux during a divorce. Staying in your home may be what’s most comfortable for you.
One negative aspect associated with buying our your spouse’s share of the home is that you’ll likely have to get the mortgage refinanced in your name alone. If you two have built up equity in your home, then you’ll have to reach an agreement about how to split it up.
If you’re going to buy out their share of the home, then you’ll need to qualify for a new loan. You may find that the monthly mortgage payments that you’ll be expected to pay are much higher than you can afford on your own.
You may also find that staying in your marital home is not ideal. You may be inundated with too many memories of what was or how your life could have been by staying there. You might want to put your home up for sale if this is how you feel.
If you and your spouse were married for several years, then you might have built up equity in it. You may be able to use the proceeds from the sale of your home to start your new life on your own.
Making decisions during a divorce isn’t often easy. The skilled guidance of their property division attorney may come in handy when you’re having difficulty making decisions about how to split up assets in your Kissimmee divorce case.