Living in Sonoma County, one of the things you love about where you live now is that your home is affordable, and you and your spouse are able to live comfortably in the area. You know that you are going to need a decent income to keep up with the expenses you’ll have after your divorce, though.
With only a single income, the likelihood that you’re going to be able to support yourself, your home and other needs is less than when you have a partner to share financial burdens. You know that the reality is that you may not be able to balance all these debts and expenses without support.
So, what do you do with your home?
You have 3 main options for handling a home in a divorce
There are three main options you have for taking care of your home during the divorce. The first option is to sell the property, divide the profits and then invest in your own apartment or property of your choice.
The second option is to buy your ex-partner out of their share of the property. Doing this, you can keep the home.
A third option is to let your ex-partner buy your share of the property. Doing this could give you more liquid assets, but you will need to move.
These three primary choices aren’t the only ones that exist, but they are what come up most often. If you decide that you want to keep your home, you will need to determine if you can budget for the mortgage, utilities, repairs and maintenance and other financial issues.
If you decide not to keep the home, you and your ex-spouse will need to determine if they will buy out your share or if you will sell the home. Other options might include renting out the property or using it as a vacation home. These options may work well if you want to sell after the home grows in value over the years.
There are many ways to divide property. You will need to discuss your preferences with your ex-partner and talk about if you want to sell or keep the home based on your budgetary guidelines.
