DIVORCE AND YOUR MONEY:
PODCASTS:
SUBSCRIBE:
This episode of the Divorce and Your Money Show discusses the reasons to consider selling your house when getting divorced. Many people come into the divorce process with strong preferences on this issue because they have an emotional attachment to their house. This episode will help you consider all sides of the issue. It’s a good idea to think about the financial side, because your house is one of your biggest assets. Here are four reasons to consider not keeping the house. The house is a burden. Refinancing is complicated. Homes are expensive to maintain. You may end up worse off than you would have if you sold the house. After divorce, your income as a single person will be lower than it was as a couple, but your expenses will be similar. Given this reality, can you really afford to keep the house? A larger percentage of your income will be going towards your home payment. If your home payment is very low or you live very frugally, it may be possible, but for the vast majority of people, it is not a good situation to be in. It may not be financially feasible for you to stay. If you have two names on the mortgage, it is difficult to take one person’s name off. From the lender’s perspective, they will want both people to be liable to make sure that payments continue to be made. Since your income will now be lower, it will be hard to obtain refinancing. A home is more than just a mortgage. There are property taxes, utilities, maintenance, general upkeep, repairs, etc. Are you able to afford all of the expenses? Sometimes, people want to keep the house to give their kids stability. However, if you are struggling to make payments, will your kids really be better off? Selling the house and downgrading can afford you more financial stability and flexibility. If your home is taking away from your income, it can put you in a tough position. It may do more harm than good. Before you go, visit divorceandyourmoney.com: 1) Sign up for the email list to get exclusive tips you won’t find anywhere else. 2) To get access to the best divorce resources in the United States, check out the store here. 3) Get personalized help. Learn about coaching services here. Thank you for listening!…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Divorce is a difficult and emotional process for everyone involved. One of the most contentious issues in a divorce is often the division of assets, particularly the family home. While it may be difficult to let go of the house you have built your life in, there are several reasons why it may be in your best interest to give it up in the divorce settlement.
1. Financial Stability:
One of the primary reasons to consider giving up the house in a divorce is for financial stability. Maintaining a home on a single income can be challenging, especially if you have to split the mortgage payments with your ex-spouse. By relinquishing your claim to the house, you can ensure that you are not burdened with the costs of homeownership that you may not be able to afford on your own.
2. Emotional Closure:
Letting go of the family home can also provide emotional closure and a fresh start. Staying in the house that you shared with your ex-spouse can be a constant reminder of the past and may prolong the healing process. Moving out of the house and starting fresh in a new space can help you move on and begin to rebuild your life after the divorce.
3. Avoiding Conflict:
The division of assets can often lead to conflict and resentment between divorcing couples. By giving up the house, you can avoid drawn-out negotiations and legal battles over who gets to keep the property. This can save you time, money, and stress, allowing you to focus on moving forward with your life rather than dwelling on the past.
4. Better Opportunities:
Finally, giving up the house in a divorce can open up new opportunities for you. Whether it is relocating to a new city for a job opportunity or downsizing to a more affordable home, letting go of the family home can provide you with the flexibility to explore new possibilities and create a fresh start for yourself.
In conclusion, while it may be difficult to let go of the family home in a divorce, there are several compelling reasons to consider doing so. By prioritizing your financial stability, emotional well-being, and the avoidance of conflict, you can pave the way for a smoother transition into the next chapter of your life. Ultimately, giving up the house may be the best decision for your long-term happiness and well-being.
Leave the house, especially if you dont want to live in that town/anywhere near the ex. Get a structured settlement instead of alimony to avoid paying income taxes on the money and you still get it if you remarry
My wife divorced me , she wanted to keep the house. I had her by me out! But my name is still on it. I had to file a special warranty deed. She had to file a secure of assumption.But my name is still on the house! She isn't in any rush too refinance!! How do I get my name off by myself. She can't go after me I have filed a special warranty deed giving her my portion of the home.. She filed a secure of assumption,meaning she assumed responsible of the home.
what if your a senior ,no job experience, and disabled and need assisted living, can you request it in a divorce?
No you can't go after them if them filed a special warranty deed. If the other party filed a secure of assumption form. They are responsible. Now getting your name of it's another thing.
Strictly speaking your home is often not an asset to you.. it's a money pit..
Or you give up your house and prices have gone up do much you can’t get back in to the market abs you’re renting the rest of your life.
Coming from Toronto area market
I hear what you're saying. The housing market is so horrible right now for buying! My mortgage is less than a 2 bedroom rental! Rock and a hard place.
Absolutely love your book, Divorce And Your Monday. I'm on page 77 and learning so much as a Real Estate Divorce Specialist. Blessings to you and yours!
If your a married man with children, you will always lose your house to her. No judge removes the female. The man will be living in his car. Don't let these lawyers make it sound like you have a choice, you don't if your the man.
my home is paid off so the real cost is taxes and utilities so selling in the Austin Area is crazy. Selling would mean I might not be able to afford to live near my friends and family