While you and your current spouse know divorcing makes sense for the two of you, you do not know what to do with your marital home. What factors should you consider to make the right choice?
U.S. News & World Report offers a few options for those in your position. Hopefully, you make a decision that benefits the next chapter of your life.
Nest
If you and your soon-to-be-ex have shared kids whom you do not want to move, consider nesting. While your children remain in the marital home, you and your current partner switch between living in the house and staying in an apartment that the two of you share. This strategy may be one that only works short term, as either you or the other parent may soon desire a more stable living situation.
Sell now
Are neither you nor your current spouse attached to your marital home? If not, put it on the market. You can split the commission 50/50. Before selling, you may need to spend money to make repairs and upgrades to get the property ready for the market. Work with a real estate professional to determine how much you can make from the sale and how much you should expect to pay in taxes.
Sell later
Depending on the current state of Tennessee’s real estate market, now may not be the most opportune time to sell a home. Besides the state of the market, you and your soon-to-be-ex may not feel ready to decide what to do with your marital home right now. Taking care of other divorce-related matters first and deciding what to do with the property later may work most favorably.
