Facing a divorce can be very stressful even when both spouses agree that it is best for everyone involved. There are many aspects of a shared life that you will now need to dissect into equal parts as you begin your lives apart. One of the most significant investments that most couples share is the family home. And not only is it a financial investment but it has great emotional value in some cases which can cloud judgement even more. Many couples facing divorce want to know if they should sell the house before or after the divorce and there are a few factors to consider.
First, and maybe the most important of all is what you can both agree on. If you both want to sell it immediately and split any proceeds then do it. If you both want to wait to sell because it might be a better market or it is a comfortable place for the children during a difficult time, then keep it. Anything that you both can easily agree on is worth following through on if for no other reason than simplicity.
If you can’t agree on when to sell your home, then getting some advice from a professional might help you to decide. Contacting Phoenix Home Buyers Group is a great way to learn more about the real estate aspect of selling your home and the tax ramifications. If you are not in the Phoenix area, be sure to check the laws in your area and speak to a real estate professional to make a well informed decision.
Some general ideas to keep in mind might also be that as a rule, real estate is always a sound investment. You might want to keep the home and use it as a rental property while you decide about the sale option. The house might also be a more affordable place for you or your spouse to live as you complete the process of the divorce. And if you have children, it might be easier for them to transition more slowly to a new home.
If you don’t have children, then it only matters what the two of you feel will be best. If it is an amicable divorce, then selling later might not pose any issue and it can be used for rental income or living space for one of you. But if the divorce is not going to be a smooth process then selling the house quickly might be the best solution. There is never a guarantee as to how quickly any house on the market will sell. So to avoid the sale dragging out long past the finalizing of the divorce, then get it on the market as soon as possible. With it being a more difficult divorce, knowing that the home sale is completed and once you sign the divorce papers then you are finally done, can be better than making a few extra dollars on a later sale. What is most important is selecting a solution that does not add undue stress or complications to an already bad situation.