When you get married you envision a lifetime of happiness. Nobody walks down the aisle preparing for a divorce one day and nobody considers how painful divorce can really be until they are in it. If you bought a house together before you were married, then you clearly both think you’re going to be together forever and that’s everything you need.
Unfortunately, it doesn’t always work out that way. If you bought your house while you were married, the gut reaction once you are asked for or you are the one asking for a divorce, is to hold on to your house and fight to keep it. The thing is even though the house is a substantial asset it can create a lot of unnecessary hassle at a time where you are already emotionally strung out.
Partition Action
If you own the house together, the chances are very high that your ex-partner will also want to fight for that house. The thing is, just like a dead relationship, hanging onto this house is not going to be the best thing for both of you. Considering a partition action may be a good idea but understanding when a divorce house sale is a smart decision is the next thing to consider. So, with this in mind, here are some of the best reasons you should be looking to sell that house once you’re divorced.
Mortgage
The mortgage is just too much on your own. When you’re together and you buy a house, both of your incomes are considered when it comes to taking on a mortgage. If you have divorced, then you won’t be looking at the mortgage as a pair anymore. You are now in a single income, and you must consider a single income with the mortgage payments, insurance payments, rates payments and everything else within that.
Buy Out?
You can’t afford to buy them out. Some people like to buy out their spouse and if you can’t afford to do that, then you need to consider a sale. Your house is a marital asset, and you should consider selling it and using the proceeds to buy yourself a smaller place to live. If you are concerned, speak to a lawyer and get some advice.
Maintenance
The maintenance is just too much. Houses can be huge and trying to keep up with the maintenance of those is not always worth it. If the house is too big for you and the upkeep is just too much, then you really should consider selling and downsizing to something smaller that suits you. If you agree that one of you stays in the home with the children, then it has to be kept well and maintained properly so that the house can be looked after from both parties.
Conclusion
You just don’t know which way the market will go. Real estate fluctuates all the time. Generally, It’s an appreciating asset that increases in value of up to 5% per year. The market moves in cycles and if you’re seeing any of the signs of a downturn then you have to make sure that you have an exit strategy and you have enough money to cash out. It’s a good reason to sell while the market is good so that you can benefit from the most money for the house.