Getting a divorce is taxing, to say the least. You are probably focused on everything from legal proceedings to the emotional work of starting over. It can be tough to make moving arrangements in the midst of the turmoil, and many people just want to “rip off the band-aid” as quickly as possible.
If you’re not yet positive you want to sell, there are two other options for handling a shared property after a divorce:
Option 1: A spouse may “buy out” his or her ex in the event that one person wants the home and the other does not. Though this works in some cases, there are risks involved. The first is that the spouse who wishes to keep the home may not actually be able to afford it on their own. Another risk is that the spouse who decides to keep the home usually has to take out a new mortgage.
Option 2: Co-owning your home with your former spouse. It may appear appealing at first, but one of the biggest cons is that your credit score will be affected by your ex’s score for as long as you own the property together. Co-owning property also keeps you linked to one another more closely than your other options, which may not be a pleasant thought for many divorcing couples.
If you’re thinking “I’d rather just sell my house for cash in Tampa, FL,” we can help you with that. After a convenient and lightning-fast process, you and your spouse can split the profits and move forward with your new lives.
Did you know that one of the biggest mistakes that newly divorced people make is underestimating the cost of bills?
Here are a few reasons why:
Sometimes people end up in hot water because they think they can afford their home without their ex-spouse. The harsh realities of financial independence can quickly make the home you once treasured feel more like a heavy burden. Even if you qualify for a new mortgage with just your income, taking full financial responsibility for a formerly shared home can significantly cut into your quality of life.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.