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If you are going through a divorce, you are likely wondering whether or not you should sell your house. The answer to this question depends on your personal preferences, lifestyle, and finances. While selling the house is the ideal option for some individuals, keeping it makes more sense for others. Let’s take a closer look at the pros and cons of both selling a house and keeping it so that you can make a decision that is right for your situation.
Selling Your House
It may be in your best interest to sell your house and split the proceeds with your spouse. This is especially true if your children are grown and moved out or will go to college in a few years and you will not need such a large space for yourself.
In addition, although you may have some happy memories in your house, you may also have some bad ones that you would like to forget. Selling your house can give you the opportunity to leave bad memories behind you and start fresh.
Keeping Your House
In the event you still have children living at home and would like to keep their lives as normal as possible by keeping them in the same house and school district, keeping your house may be a smart move. Keep in mind that if you go with this option, you will need to buy out your spouse and make sure you can afford the home on your own.
To determine if you can afford your home, ask yourself if you can qualify for a mortgage in your name alone and comfortably pay your mortgage payments, property taxes, homeowners’ insurance and home repairs. If the answer to these questions is no, you may be better off selling your home and moving into a smaller, more affordable space.
While it may be emotionally difficult to give up your house, you should understand that keeping a home that you cannot afford may lead to a future foreclosure and cause additional stress and troubles in your life.
Contact an Experienced DuPage County Divorce Attorney
Deciding whether you should keep or sell your house in a divorce is a difficult decision that can impact your future and finances. Therefore, if you are going through a divorce, you should call our Hinsdale divorce attorneys at 630-920-8855 for a free consultation. We can analyze your situation and advise you on how to proceed.