After deciding to divorce your current spouse, you must also decide what to do with your marital home. Do you know what options you have?
Bankrate describes what to consider when you have a mortgage and marital home in your divorce. Understand how to make the most favorable choice for yourself and your future.
If you want to remain in the home by yourself and your soon-to-be-former spouse does not, you may refinance the house in only your name. Those who choose this option should also ensure to remove their former partner’s name from the title. Otherwise, she or he may benefit from home equity or selling the property.
Deciding to stay or go
When deciding how to handle the marital home, divorcing spouses should try to work together. That way, both parties enjoy emotional and financial peace. If you decide one of you remains in the house, that person should look over her or his income and budget as a single person to determine the financial feasibility of paying for the property and its upkeep alone.
Selling the home
Perhaps you and your soon-to-be-ex-partner both decide to sell your marital home. If so, speak with a real estate professional about how much you should expect to pay to put the property on Florida’s real estate market, make necessary upgrades and various taxes. It also costs money to determine a fair and current value for the home.
Give careful thought to what the next chapter of your life looks like to determine what to do with your marital property. This single divorce decision casts far-reaching ripples through your life.