Selling your marital home is an option during divorce if neither you nor your spouse can hold on to it. You might not be sure when to sell it, though. Some couples decide to find a buyer during the divorce instead of waiting for the divorce to be over.
Though selling a home early on does not work for all couples, it may generate benefits for spouses in the right circumstances.
You get faster access to cash
Your home might possess a significant amount of equity. Homelight explains that selling your home during your divorce can help you finance an important post-divorce expense.
For instance, you may need a down payment on a new living space or you might use the money to help you move to a new community. If you already have enough money for home or relocation costs, cashing out your home equity could fund a vacation to help you relax after the divorce.
You make a cleaner break from your ex
Your marital home could contain painful memories of your marriage. Getting rid of your home quickly may help you find emotional peace. Additionally, if you have children, moving them to a new home could help them accept the new normal created by your divorce.
Possible drawbacks of selling early
A home sale during divorce can also create problems. If your relationship with your spouse is not amicable enough, you could fight over details relating to the sale of your home, which will likely drag out the divorce. Also, if the present home market is in a slump, you probably will not reap as much as you want from a sale.
Since there are many variables that may affect your decision, consider your options in light of your personal situation.