Sell or Hold: What Happens to the Marital Home?
The marital home is one of the largest assets in many marriages. Each divorce is different, and there is not one right answer as to who should remain in the home or if the home should be sold. When …
The marital home is one of the largest assets in many marriages. Each divorce is different, and there is not one right answer as to who should remain in the home or if the home should be sold.
When deciding what you believe is the best course of action, there are several factors to consider, including the following:
What Is Best For the Children?
Many parents make the decision on the marital home based on the best interest of the children. Because the home’s location can dictate what school the children attend, often parents will do whatever it takes to remain in the home.
Typically staying in the home is less of a disruption for the children. This means that the parent with primary custody will also often remain living in the marital home.
What Can You Afford?
Money is the other major consideration in making this decision. While the home may have been affordable during the marriage, many people find that they single-handedly cannot afford the mortgage note. Also, the spouse who retains the home will likely be required to qualify for a mortgage on the house alone.
Another consideration regarding finances is the strength of the real estate market. If it is a seller’s market, selling the home may be the most practical thing to do.
Are You Prepared to Work With Your Spouse in Selling the Home?
If you think you may want to sell the home it’s important to think through what the home sale process entails in whether you can participate in the process with your ex.
Together you and your ex will have to:
- Choose a Realtor
- Agree on a listing price
- Do any necessary repairs to the home before putting it on the market
- Agree on an offer amount
- Note that you may also be required to pay taxes after the sale
Contact a Richmond, TX Community Property Lawyer
Deciding what will happen to the marital home is one of many things that need to be agreed upon or decided by a judge during the divorce process. A knowledgeable family law attorney will be able to discuss these decisions and their ramifications as they pertain to your case. Call Richmond, TX divorce attorney Frank J. Vendt, Jr. at The Vendt Law Firm, P.L.L.C. to schedule your meeting at (832) 276-9474.
1 http://www.realtor.com/advice/buy/what-happens-to-home-after-divorce/
