On behalf of Kelly Law Office, LLC posted in high-asset divorce on Thursday, July 23, 2020.
With divorce comes various complications. Deciding what to do with the marital home is one of them. With the costs of homes these days, the average person is typically unable to pay for a home in cash, or potentially even qualify for a mortgage on their own. Thus, it generally takes two people to be eligible for a home loan.
When couples decide to get a divorce, they have to decide what to do with the family home. Even if they agree that one spouse will remain in the property, it may not be as simple as that. The remaining spouse has to qualify for a mortgage on their own. Otherwise, the former spouse’s name would have to remain on the deed, or you’d have to sell your house.
If selling the home is ultimately the option that you two settle upon, then you’ll have to go through the process of preparing to move. Credit or income may limit where you’re able to move since you’ll now have to find a way to afford to live separately on your own.
Moving out of the home too quickly may be unattractive to potential buyers. A vacant home is an unstaged home. Potential buyers cannot get a feel for how living in the house will be. Homes tend to sell faster when sellers stage them versus when they are empty and left vacant.
It can keep your costs low if you remain in the house as you work to settle your divorce. It’s also essential to consider various tax implications like capital gain taxes. Depending on how long you have lived in the home, you may be looking at a sizable tax burden to have to service.
If you are going through a divorce and have a Columbus family home, then you may be wondering whether to keep or sell your home. A high-asset divorce attorney can advise you of the implications of making certain choices given your Ohio case’s unique circumstances.