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Splitting up a House in a Divorce

Splitting up and splitting your house

There are primarily three options for your house. The options are:

  1. Sell a House, Split The Profit.
  2. Buy the Other Out.
  3. Hold on to the House.

So, how do know which of these options is right for you?
Deciding if You Should Sell Your House in a
Divorce

This depends entirely on those getting divorced. Here are some questions to
ask yourself if you are questioning whether to sell your house to a home
buyer, or utilizing another option:

  1. Income Requirements: What are the income requirements to keep rather
    than sell a house? For example, is there a remaining mortgage? What are the
    taxes and/or insurance? Is the home older, requiring more frequent
    maintenance or upcoming necessary upgrades?
    The cost to keep the house helps determine which person can afford to keep
    the house, and selling the house becomes an easier decision if neither person
    can afford to maintain it independently.
  2. Children’s Needs: Couples with children should prioritize their children’s
    needs whenever possible. Couples may decide to continue to jointly own a

house to avoid further disrupting their children’s lives. Consider school
districts, location and future plans. If your children haven’t started school yet,
perhaps a move closer to a better school district would be beneficial.
Additionally, consider whether it would be better for the children emotionally
to begin life in a new situation, or to try to limit changes. Many people decide
to use the home as an anchor or stability for their children, but each situation
is different.
How to Sort Out the Mortgage

Many divorcing couples that have a mortgage together (joint mortgage)
choose to sort out the mortgage so that only one partner has their name on it.
The benefits to this are that the person who stays in the house does not have
to rely on their former partner for the mortgage.
Secondly, the person removing their name from the mortgage will be able to
borrow more for a new home without their name on the mortgage of the
house the couple had together. Lastly, removing one person’s name from the
mortgage may help break the link that ties your credit together, since it
removes joint debt. When people have joint-debt, it allows one person’s debt
to affect the other person’s credit.
As mentioned above, income requirements will help determine ultimately what
makes the most sense regarding the future of the house. If you are
considering owning the home independently of your former spouse, start by
talking to a mortgage lender, who can tell you exactly what you can afford. If
you cannot afford the house on your own, you may be able to get a “guarantor
mortgage”, where a relative agrees to make the mortgage payments if you
can’t.
How We Buy Houses Richmond Can Help

If you and your spouse have tried to break up the mortgage and are unable to
come to an agreement, We Buy Houses Richmond can help. We often buy

houses from people looking to move forward as soon as possible with fewer
communication and negotiations than a traditional sale. For a free, no
obligation quote on your house, call us!
Contact us for a free, no-risk quote within
24 hours.
Get a Quick Cash Offer | Call 804-399-9337

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