Selling your house during divorce is rarely easy.
Making the decision to sell your house during divorce can be a highway of despair.
Unless housing values soared and you can’t wait to cash out your equity and set flight. Then you may be popping a cork.
Happy or sad, selling your house is a serious undertaking so I’d like to share some practical suggestions that may make your decision making process easier.
1. Know your real bottom line. Real estate agents may talk a big game when asked for opinions on your house’s value.
Music to your ears?
Maybe but you won’t be certain until you know the real bottom line.
The net dollars and cents.
How much will you have left over if you keep the house?
How much will you receive if you sell the house?
You want to know precisly and objectively.
Clear and concise spreadsheets or reports are preferred.
Your bottom line in writing to revisit often gives you the best opportunity to make sound financial decisions.
2. Hire your own financial adviser or CPA to run and rerun numbers to calculate your real bottom line.
3. Get the answers to these questions if you want to keep your home.
- Are you qualified to assume or refinance the mortgage?
- Will you deplete your retirement, savings, investments, and/or emergency account if you kept the house?
- Will your monthly income from all sources excluding child support and modifiable spousal support, cover all of your housing and living expenses if you kept the house.
- Do you have funds that may be easily liquidated to cover all of your housing and living costs for a minimum of one year in case of emergency?
- Is your work history long and stable?
- Could you be easily and quickly reemployed if you unexpectedly lost your job?
- Do you have/can you get disability insurance sufficient to cover your costs if you keep the house and were injured? If so, how long would you receive disability?
Those are just a few of the many practical issues to consider, there are countless more. I’ll continue to update this list as time permits.
If you’d like my help while making your decisions about selling the house during divorce, please fill out this confidential form to determine how I might serve you.