Selling the House after Divorce Englewood
For many couples, a divorce usually comes with the big decision of what to do with the marital house and other assets acquired over the years of marriage.
Selling the house after divorce Englewood is common for many couples because it provides a quick channel for financial help that is needed to kick-start a new life. But since most couples own their houses jointly, it’s possible to find some having never been added to the ownership of the home.
If you co-own a house, the issue of selling house after a divorce in Englewood or even choosing to keep it can be the biggest decision – and perhaps the most emotional – that you need to make during the divorce process. In certain cases, one spouse remains in the house while the other moves out, but this is usually true when there are kids in the family who are still in school. There are also cases where one spouse keeps living in the house only until the divorce process is complete and a decision is made regarding what to do with the house.
Even if the partner remaining in the house intends to refinance or even sell it at some point, there are some things that need to be taken into consideration and they include:
Untangling from your spouse
Even in the most amicable divorces, it’s best if you completely untangle yourself from your spouse. Since you made the decision to divorce, keep it that way by disconnecting from their day-to-day living. Of course, there are those couples that have successfully continued to co-own property long after their divorce, however, there are those whom this type of arrangement won’t work.
If the arrangement is that you will be staying in the house for an additional five years until the kids graduate from high school, your partner will still be legally entitled to the house. In fact, they may feel that some of the decisions regarding the house must be made after consulting them. For the person living in the house, this might sound invasive and the end result would be some form of chaos. If possible, the best thing is to completely untangle yourself from your partner as quickly as possible.
Are you thinking about keeping the house after divorce?
Even though selling the house after divorce Englewood is the most common case for many separating couples, there are those who also consider keeping the house as an option. However, if you plan to keep the house, there are several things you need to consider.
First, can you afford to pay the mortgage and other property taxes on your own? Don’t repeat the mistake many divorced couples make by underestimating the cost of paying for the house expenses as an individual. Before making the decision to keep the house, sit down and analyze your budget realistically, determine whether you can afford to keep the house or not while at the same time take into account property taxes, regular maintenance, and upkeep as well as monthly utility bills.
For emotional reasons, you also need to be sure that you will be okay with living in a house where you and your ex have been living for years. You need to be sure that you will feel at home rather than feeling you are in your ex’s home.
Are you thinking about leaving the house?
If you are the one on the road, there are a number of things you need to consider as well. If your name is on the mortgage, note that your credit will be affected in the event of foreclosure after the spouse that kept the house defaults the payments. If you are considering getting a new loan for a new house, consider if your lender will be happy to give you a loan knowing that you still have another obligation on your marital house.
How much is your house worth?
Before you consider selling house after a divorce, keeping it or even leaving it, it’s a good thing to know the current market value of the house. You may want to hire an appraiser or make some personal comparisons online to see the possible worth of your house. You can also call us on (720) 370-9595 for an accurate market valuation of your house and house buying services.