If you own a house and you’re getting divorced, you actually have quite a few options. Some couples remain as joint owners and let the children live in the house, the parents moving in and out of the house around the custody schedule. Others rent the house out so it can continue to grow equity for a while. Some couples decide that one party will get to keep the house, while the other retains different assets.
What you do is up to you, but you need to take a look at some of the reasons why it could be best to simply sell the house before you divorce.
Splitting up money is simple
The main reason is that selling is simple and easy. You may earn $100,000 in the sale, above what you owed on the mortgage. Some assets (like a house) are hard to divide, but money is not. You could both take $50,000 and be done. If simplicity is your main goal, selling the house is the best way to get there.
Selling gives you money for your new life
Beyond that, selling the house generates extra money as you start your new, post-divorce life. Maybe you need to buy your own house. Maybe you’re thinking of moving. No matter what you want to do, having that money from the sale can be beneficial.
You get to move on from your ex
Selling also allows you to really move on. You don’t live in a house with so many hard memories. You don’t have to deal with your ex as a co-owner. You just get to start that next chapter in your life.
No matter what you decide to do, it is important to know exactly what legal steps to take. Working with an attorney can help you better assess your options and understand the pros and cons of each choice.