One topic that is a private, and often emotionally charged is your matrimonial home and the pending divorce. What many couples do not know is there are many options that can work. Sometimes when you are able to hear it from an independant party that is not from the relationship, it can help both parties make the most educated financial decision. Putting all feelings aside, what are you options?
To name a few, let's start with the obvious, selling the matrimonial home. When selling of the home occurs, you more than likely may down size as there will be two homes each having their own income. Keep in mind, if children are involved, it is beneficial not to live far apart as you may end up with more transportation costs when sharing the children, Sometimes, that may mean sacrificing your own personal needs. Selling the home and each purchasing one can work out if both parties put their trust into a realtor, instead of each party trying to control the situation, as that often leads to head butting and legal costs going sky high.
The next option is for one of the spouses to keep the home and getting a buy out option. If this is the choice the parties make, be sure to get an appraiser to appraise the property. Often the spouse keeping the home wants it cheap, and the one selling their share wants the most they can acquire. That is why I can't stress enough that both parties need to agree to terms which bring harmony to both sides. If this is the route you choose, and you are the spouse getting bought out, contact a realtor to help you purchase a property sooner than later. Often I hear people have regrets saying their monies were slowly spent and they ended up not getting a property. They then find themselves struggling to come up with another down payment to re enter the market as a home owner. A skilled realtor can help keep you on track especially when there is high emotional battles happening. During these hard times, irrational decisions are made often costing unnecessary money for both parties. Guidance from a realtor who is a neutral to the situation, can offer sound advice and direct you in a positive way forward.
Last but not least, the divorcing spouses may choose to fight it out on their own. Often more times than not, they have bought their lawyers a few new cars and at the end of the day, they both have no home, or monies. This is not the lawyers' fault, they are only instructed to beat the drums in your marching band. To protect yourself from this, it takes a commitment to leave the emotions on the back burner while looking at your assets and making a sound financial decision that will benefit both of you. The first step is finding a realtor you can trust to show you some options.
Call Trina Thomas at Century 21 Advantage today for guidance and confidential planning at 403-350-4396