How to Handle Your Home During Divorce
The marital home is many couples’ most valuable asset, so deciding what to do with it during divorce can be difficult. You and your soon-to-be ex have two basic options: sell the home, or one of you stays in it. If you stay, there are two ways to handle the mortgage.
Each option has pros and cons, so you’ll have to weigh what’s right for you carefully.
Sell the home and pay off the mortgage
- In cases where a large disparity exists between the incomes of divorcing parties, courts may order one spouse to pay alimony to the other.
- Aside for the income disparity, several other factors affect the calculation of alimony – including the couple’s lifestyle during the marriage, the dependent spouse’s need.
- The length and amount of alimony are based on many statutory factors, and an attorney can guide you in understanding the process.
If you sell your home and pay off your mortgage, you can put both behind you. You can also use the profits to pay down other shared debts. However, if your home appreciated substantially while you owned it, you might owe capital gains taxes on the…Read the entire article by Shawn Leamon on NerdWallet.com
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