When spouses divorce, one of them may either want to fight for the marital home or request it as part of the divorce settlement. Before investing a lot of time, energy and money, couples must think about whether they should remain in the home on a single income.
Orchard explains when it makes more sense to put the marital home on the market. Selling the property could benefit spouses more than they know.
If divorcing spouses both want the home but cannot agree who gets it, the court chooses for them. Rather than leave the decision in someone else’s hands, the couple may have little choice but to sell. Another reason to put the property on the market rather than fight over it is to keep couples from fighting.
Neither partner may have the funds needed to cover the mortgage, property taxes, maintenance and other homeownership costs. Rather than try to apply for a mortgage alone and risk receiving a denial, spouses may cut their losses and work together to sell their marital home.
Say one spouse has the funds to cover the mortgage on a single income. Even then, lenders may disagree that the person has the financial resources to keep up with the payments. The spouse who wants to remain in the home may have no choice but to sell it if the other spouse would rather not keep making mortgage payments.
Divorce involves making a lot of difficult decisions and understanding their repercussions. By selling the marital home, couples could set themselves up for success in their post-divorce lives.