South Florida Hospital News
Thursday January 18, 2018
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January 2018 - Volume 14 - Issue 7

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Your Home During a Divorce: To Sell or Not To Sell

If you were to ask five different lawyers what to do with your home during the divorce, you would receive five different answers.  So how do you decide what the best course of action is during your divorce when deciding what to do with the marital residence? 

First, you figure out your viable options.  Second, you decide what is the best decision for your family.  If your marital residence consumed over 40% of your family take home pay, it is likely that you cannot afford to continue supporting your marital residence and another home during and after the divorce, so selling it may be the best option. 
 
If you have sufficient income to continue supporting the marital residence while also paying for a second home, then you might consider when the best time is to sell your residence.  It may be during the summer when home buyers are looking in your neighborhood because of the great schools, or it may be during the winter if you live near the beach when demand is higher for your location.  This decision is best made after consulting a realtor and determining when is the best time to put your house on the market.
 
Many homeowners make the mistake of wanting to keep the house for the children.  This is an emotional decision.  If you are keeping the home for the children but it is not easily affordable after a separation, you are simply creating financial hardship for yourself, and keeping the home may not be the best decision for your family.  However, if you have negative equity in your residence, it might make the most financial sense to keep it until your equity has increased.  Whatever your decision is, it should be made after speaking to an attorney who can advise you of your options.

If you are considering a divorce and want to discuss your options with an attorney, call Angela R. Neave, Esquire at (954) 981-2200 for a free consultation.

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