Deciding when to sell the family home in a divorce

On Behalf of | Dec 7, 2022 | Divorce | 0 comments

When you and your Tennessee husband or wife part ways, you need to figure out how to handle the home you once shared together. If neither you nor your former partner wants to remain in the family home after your split, you may decide to place it on the market. That way, you may pay off the mortgage and then split any money that remains from the sale between you.

Per Homelight, many former couples facing similar circumstances struggle with deciding when the time is right to sell their marital homes. There are benefits and drawbacks associated with selling a home before and after a divorce, and the more you know about them, the better your chances of making an informed decision.

Considerations for selling the home before divorce

If you need to come up with some money so that you may purchase or rent a new place to live, selling the home before your divorce may prove beneficial. Doing so may free up enough money for a down payment or security deposit on a new residence. However, selling your home is not always easy or fast. If you want a speedy divorce, know that selling your home beforehand can delay your divorce proceedings.

Considerations for selling the home after divorce

If your relationship with your ex is messy or contentious, it may serve you well to wait until your divorce becomes final to list your home. Your relationship with one another might improve with time, and you may be able to work together on the home sale better once things are final and you are no longer fighting one another in court.

Ultimately, whether it makes sense to sell your home before or after your divorce depends on the specifics of your relationship and situation.