Tips for Selling the House After a Divorce
Since the house can be a point of equity for both parties to a divorce, one strategy is to sell the house and divide the proceeds between both spouses. If neither spouse has the desire to stay in the family home or if neither of you is able to buy out the other one, this is your best option. Putting the house on the market and trying to get the best possible price out of it can give you some cash to allow you to move on with your life.
Bear in mind that before splitting any proceeds you’ll need to pay off whatever remains of the mortgage and any broker’s fees. If there’s a capital gains tax, too, factor that in. These expenses are, of course, a downside of having to sell your house suddenly, but there are many reasons that it just isn’t the best solution to keep the house or buy out the other spouse.
It can also be challenging for children who have grown up in the house to say goodbye to a familiar environment when it already feels like so much is changing. The sooner you can sell the house and help them adjust to their new life, the better it will be for everyone in the end. If it just doesn’t make sense to keep the family contact, discuss your options with your New York family law attorney early so that you and your spouse can get the house listed as soon as possible.
Getting the money to start your life over after a divorce is one big advantage of electing to sell the house and split the proceeds. If finances are a concern for you, selling the house may open up numerous future opportunities.