Do I Have to Leave or Sell the House When We Divorce?
By Lynn Waldman and Shawn Skillin
Many clients ask us if they have to leave or sell their home when they get a divorce.
The answer is not always clear!
It’s complicated, so there are many factors that we consider when we are advising our clients how to handle the family home.
Here are a few questions and thoughts we like to share with our clients:
- ALWAYS make sure that you and your children are safe! If there is an issue with domestic violence, you may need to move out of the house for the safety of you and your children.
- If you want to stay, you may be required to refinance.
- Are you able to do this financially? Emotionally?
- Are you able to handle all the expenses and upkeep that come with the home?
- Do a good detailed analysis of your budget.
- Your home has many memories – we sometimes call it the marriage museum. What kind of memories does your house hold for you –good or bad?
- Establishing another residence during the divorce proceedings can be costly. What can your budget handle? Will you be able to be in proximity to the children’s school and activities?
- Renting the house out may be an option, but there are many complicated factors to consider.
- Short selling and foreclosure would be the last resort options.
Your home can go from your best asset to your worse liability.
Our team of experts can help you make the right decision regarding your family’s home.
The Collaborative Divorce process is an alternative dispute resolution method that assists divorcing couples so they can have a peaceful, respectful divorce without ever having to go to court.
The Collaborative Practice San Diego is a nonprofit, multi-disciplinary referral network of independent professionals consisting of attorneys, mental health professionals and financial advisors working together to learn, practice, and promote Collaborative processes for problem solving and the peaceful resolution of family law issues, with an eye toward preserving the emotional, as well as the financial assets of the family, including the home.
Contact us today to see how we can help you decide what is the next step to take for leaving or selling your home. Or attend a Divorce Options™ Workshop where you can find out more about your divorce options. The Workshop occurs on the first Saturday of every month. Visit here to register.
Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, medical or tax professional to determine what will work best for your situation.
