When a couple in Texas decides to part ways, figuring out what to do with their house can be a big decision. What different ways can you handle this important investment?
1. Sell the house
Selling the house allows both people to start fresh. Not only does selling your home allow for a clean break, splitting the proceeds can also help each person financially as you begin your new lives.
While selling your home may seem simple, it is important to remember that your ability to sell the house depends on the housing market. If it is not a good time to sell, you might not get a good price. You will also have to deal with additional stress of tasks like fixing it up for sale and dealing with buyers.
2. Have one person become the sole owner
You have dedicated time and effort into your home, and having one spouse move forward as its owner allows them to maintain that connection to their space while avoiding the stress of moving. If one person keeps the house, it can also provide stability if there are children involved. They can stay in the same school and keep their friends.
However, the person who owns the house moving forward must be able to afford it on their own. This includes the mortgage, taxes and upkeep, which can be a lot for one person. They may also need to consider the cost and complications of refinancing their mortgage.
3. Continue owning the house together
Remaining co-owners of your house even after you part ways can be a complex choice, but co-owning the house can come with distinct advantages. Co-ownership allows you to share the financial burdens associated with homeownership, like mortgage payments, property taxes and maintenance costs. It also allows you more time to make informed decisions about how you want to live and when to sell your home without delaying the divorce process.
However, continuing to co-own a house can keep you tied to your former spouse, which could lead to conflict if you do not have a clear plan in place for expenses and other details. Co-ownership could also impact your finances because both of you will remain responsible for financial commitments like mortgage payments.
Ultimately, the best choice depends on your financial situation, emotional state and ability to cooperate. Carefully considering your options with the help of financial and legal professionals can help you make the right choice and start your new life on a positive note.