You have a lot of assets and property to divide in your divorce, and your home represents one of your biggest assets. Do you know what you want to do with it?
Chron explores options for dealing with the marital home in a divorce. Understand your choices, so you make the right one for your post-divorce life.
Sell the home
If you and your current spouse do not have attachments to the home, you can put it on the market. Before listing the property, find out how much you should expect to pay in taxes and commission if you work with a real estate agent. You may also need to spend money to fix the home up before selling it.
Nest in the house
Do you and your soon-to-be former partner have shared children? You may want to remain in the marital home to provide them with stability. With nesting, one parent lives in the home with the children while the other stays at an apartment that both parents share. That way, you support your children without interacting with your ex more than necessary. Usually, nesting only works as a temporary solution, so think about a permanent living situation for yourself.
Stay in the house by yourself
Your spouse could give you the home as part of your divorce settlement. If so, think about whether you have the financial resources to live in the home alone. Do you have payments left on the mortgage? How much does home maintenance cost? Consider these questions before claiming sole ownership.
You have several options for handling residential property while dissolving your marriage. Think about which choice favors your financial capabilities as a single person.