Will You Need to Sell Your Home in Your Divorce?
Although you don’t necessarily have to sell your home after you go through a divorce, it is certainly a common occurrence. Most people that do sell their homes after divorce do so for one of the following reasons:
- They can no longer afford the mortgage payments on the home because of the terms of their divorce and the fact that they are no longer combining incomes to pay for it, and there must be a second home established.
- The home has very large equity in it, and neither spouse has the money to buy out the other.
- One of the parties was not working for many years and needs to get money to be able to pay for education that would improve their earning capacity.
- Enormous legal fees in some cases may force the sale of a large asset, such as the house.
Basically, the house can become a financial casualty as people are often financially unprepared for the possibility of a divorce. It’s not exactly something that people plan for, and selling the house is a short-term solution to a big financial problem.
However, there may be reasons that people resist the idea of selling the house. These reasons are often emotional in nature. For example, the need for consistency that children have after a divorce is extremely significant. It is asking a lot of children to be able to deal with losing not only their parents’ marriage, but the home in which they grew up. There is also the strong emotional attachment that can be bound to a home that was for so long a family residence that built up many memories over the years.
If you have further questions about whether you’ll have to sell your home before, during or after a divorce, speak with a knowledgeable Long Island family law attorney at Bryan L. Salamone & Associates.