Property and divorce: what happens to the family home?

Getting a divorce can be an extremely stressful process to go through, both emotionally and financially. If you’re planning to separate from your partner, there’s no doubt you’ll have a lot to think about, including what will happen to your family home. The chances are you will no longer want to live with your spouse, so it pays to know what your options are. You might even need to find a service such as We Mediate to help you come up with a settlement using mediation techniques. To help you make an informed decision on what to do with your property, keep reading.

Put it on the open market

Selling the family home is common among separating couples. So, if you’re going through a divorce, this might be the best option for you. Putting your property on the market can be emotional, especially if it’s where you raised your children and somewhere that you have fond, happy memories of. However, from a financial perspective, selling your family home and splitting the equity with your spouse could offer you an easy, hassle-free way to deal with the mortgage, helping you both move forward during this difficult time.

Consider a cash sale

If you’re going through a particularly complicated divorce or you’re struggling to keep up with mortgage repayments or other bills, you might be keen to sell your home as quickly as possible. While you could put it on the open market, this may take longer than you’re willing to wait. Instead, you could consider a cash sale. By enlisting the help of a cash buyer such as Fast Sale Florida, you should be able to sell your property extremely quickly, regardless of the condition it’s in. You’ll also be able to avoid paying realtor or closing fees and future mortgage payments.

Agree for one spouse to continue living in the property You could come to an agreement with your spouse whereby one of you continues to live in the property. This means that you won’t need to worry about putting your home up for sale at all and instead you can arrange to have it refinanced under the relevant person’s name. In order for this to work, the person remaining in the property will need to qualify to take over the payments. If

you can afford for one of you to stay put, this could be a good option, especially if you have children.

Property is one of the most important assets that a couple can share, so deciding what to do with it during a divorce can be difficult. However, as long as you consider your options carefully, you shouldn’t struggle to make the right decision for you and your family.

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