If you are experiencing a divorce in Carmel Valley, you know that there are a lot of tough decisions to make about nearly every aspect of your life. One such decision is whether to keep or sell your family home.
For some, a family home is full of good memories and nostalgic associations – they would never dream of selling. For others, however, keeping the home is untenable financially. Still others don’t want to part with a home where their family spent most of their time. In the end, whether or not to keep the family home is an individual decision that is unique to each family.
Here we explore 3 options you have when going through a divorce in Carmel Valley for your home. If it comes time to sell your property, consider using Your Home Sold Guaranteed Realty - The Pabst Group for your real estate needs. We provide compassionate and competent real estate representation in Carmel Valley and throughout California.
3 Options: Your House’s Future After Divorce in Carmel Valley
When selling your home during a divorce in Carmel Valley, you have three options:
- Sell your home and divide the proceeds
- Stay in the home, buying out your spouse
- Keep the home as co-owners
Each option has its own pros and cons that will influence which choice is right for you.
1. Sell Your Home and Divide the Proceeds
One housing option during a divorce in Carmel Valley is for both parties to sell the home together and then divide the proceeds. This route can help parties pay for moving and new living arrangements, as well as cover some of the costs associated with the divorce. It also gives both parties a fresh start and the chance to start over in a new house.
2. Stay in the Home, Buying Out Your Spouse
Another way is for one spouse to buy out the other and transfer ownership. Note that the amount of the buyout may be more or less than half, depending on the state in which you are divorce, the existence of prenuptial or postnuptial agreements, and any terms of your divorce agreement.
Taking over sole ownership of your home isn’t always easy. Before going this route, carefully consider whether you can afford to keep the home on just your income.
3. Keep the Home as Co-Owners
This is the best option when either one party can’t afford to buy the other out or if it is the parents’ desire to keep any children living in the home.
For this arrangement to work, it’s important to get all the details settled and in writing. From who will pay what to when payments will be made will help keep the arrangement going smoothly.
Sell Your Home During a Divorce in Carmel Valley With Your Home Sold Guaranteed Realty - The Pabst Group
If you’re experiencing a divorce in Carmel Valley, we know that the stress of deciding what to do with your home can be overwhelming. Let us help you make the transition easier – simply call us at (760) 463-0099, contact us here or fill out the form below.