Should You Keep or Sell the House in a Divorce? 5 Things You Need to Know to Come Out on Top Financially
If you're getting a divorce, you're probably wondering what to do with your house. Here are 5 things you need to know that help you save as much of your money (and other assets) as possible.
Know What Other Housing Options You Have
Will you pay more or less to live in a nearby home? Will your kids stay in the same school?
Know How Much Your Home is Worth
And know how much you owe. Do you owe more than the house is worth? Are you able to get a great sale price that puts money in your pocket?
Can You Afford to Keep the House
Do you have enough money to pay the mortgage and maintenance costs each month on your own?
What Other Assets Will You Get in the Divorce
Would you let your spouse take the house in exchange for other financial assets the two of you have?
Consider a Clean Break
Sometimes it's better to move on. You might have bad memories in this house. You can use the cash you get from selling the place to start over.
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