For many divorcing couples, the family home is the most valuable marital asset… or at least it was until the housing bubble burst.
Should You Sell Your Home During Divorce?
The sharp downturn in the housing market has made it very difficult for parties to decide whether to keep or sell the family home.
If neither party can afford it, then they have no choice but to sell (or at least try to sell) the home. That’s easier said than done, though.
Before the house sells, someone has to pay for utilities, property taxes, insurance, and the mortgage. Sometimes this means that parties voluntarily continue to live together while their divorce is pending.
I have even seen a case or two in which the court has ordered the parties to continue to occupy the family home because there was simply not enough money to support two households.
The silver lining in this otherwise gray housing market is that at least some parties recognize their financial survival depends on their willingness to set aside their personal feelings for each other and to settle their divorce case quickly.
Posted in: Divorce