Should I Sell My House In the Divorce? Part 1
A divorce is an emotionally messy time and financial considerations only add to the complexity. Since you are likely transitioning from a two-income household to a one-income household, you may be asking yourself if you should sell to people who buy homes in Raleigh, NC.
Of course, like most aspects of the divorce process, there are numerous factors influencing your decision. This two-part article can help you ascertain whether or not to sell your family home in the divorce.
Know Your Options
Reaching the right decision starts with informing yourself of all the possibilities regarding your home. Most divorcing couples go with one of the following options:
- They sell the home
- One person buys the other person out
- They continue to co-own the home
Every family is unique and every divorce is different. No matter your specific situation, it is always prudent to evaluate your options from a logical standpoint rather than making a hasty decision based on emotions.
Option 1: Selling Your Home
A full 61 percent of divorcing couples opt to sell their home. There are a variety of reasons behind this, both financial and emotional. When a couple owns a home together, they are often paying the mortgage with their combined incomes. Frequently, one person cannot continue to comfortably afford the monthly mortgage payments on his or her own post divorce.
Another financial consideration is capital gains tax. Selling your home while you’re still legally married means that you’re eligible for an exclusion of up to $500,000. If you get divorced and then decide to sell the home after all, your potential exclusion as a single person will drop to $250,000.
From an emotional standpoint, there is something very empowering about starting over. For many people, continuing to live in the home that held so many negative memories is an unappealing idea.
If you are leaning toward selling your home, you should know that I buy houses in Raleigh, NC. If you don’t want to delay the divorce proceedings while you wait for your home to sell, Real Estate Solutions Providers can provide you with an instant cash offer so you can move on with your new life. With no commission, no fees, and no hassles, many people chose to work with our team regardless of their life situation; however, this efficiency is especially helpful when you are ready to leave the past in the past and embark on a new adventure.
To read more about the other two options, please proceed to Part 2.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.
Need To Sell Your House Fast?