(STL.News) If your marriage is headed to ‘Divorceville’ you will want to think more of what will happen to the family home.
After all, the family home is one of the biggest financial commitments and largest assets involved in a divorce. It’s also the place where most of your cherished memories are buried. When it comes to dealing with the matrimonial home, many questions arise, including.
- Who is going to keep the family home?
- Can you sell the family home when still on a mortgage?
- And most importantly, should you sell it before or after divorce?
We’ll focus more on the latter.
While there is no cookie-cutter right answer as to when you should sell your home during a divorce, many factors, including your financial position and the state of the housing market, come into play and are key to determining the best time to sell the home.
Can You Sell Your House Before Divorce?
The simple answer is Yes!
You’ll have two options; either sell it or stay in it.
If you opt to sell it before a divorce, there are factors you’ll want to consider before taking the plunge. For example, if the property is in negative equity, you and your ex-spouse may want to rethink selling it and hold it until a later date.
If you decide to sell and share the profits, you have many options for selling it. For instance, you can put it on the market and have it listed on the major listing sites at a fee or expedite the sales process by selling it to a property buying company.
If your objective is to sell your house fast in London, your best bet is to seek the services of a property buying company. Such companies will provide you with a quick, guaranteed, and hassle-free cash purchase that you’d want to let go of your past memories and move on.
Selling Your Home Before Divorce: Pros and Cons
Selling the home before divorce gives you a nice payout to start your new life with.
Divorces are never easy so the proceeds from the sale can take that initial financial burden off your shoulders and give you the extra time you need to get on your feet. Moreover, selling the home before the divorce is a great way to let go of past memories and move on.
On the downside, making decisions when under pressure or when stressed out often lead to mistakes. If you are selling the home because you have no choice but to sell fast, you’re likely to make decisions that could cost you thousands of pounds in the long run.
Selling Your Home After Divorce: Pros and Cons
Selling the home after divorce gives you all the time you need to decide on the best course of action. Also, divorce doesn’t always come at the right time. The property market fluctuates from time to time, and if this happens, you’ll be able to hold on to the sale until the market stabilizes.
On the downside, selling after divorce could result in long-winded processes, especially if one of the spouses has moved out and is not inclined to attend all the meetings before a sale. Plus for this option to work, both spouses must be on good terms which will not always be the case.
The Bottom line: Should You Sell the Home Before or After Divorce?
Well, it will boil down to your personal circumstances.
But if none of the parties is in urgent need of money and the market is volatile, holding on to the sale until after divorce might be the best option for you. Doing so will give you time to explore more options and sell your home for the most money.