4. Keeping Joint Ownership – Temporarily
Some couples may decide to keep joint ownership of their communal property, but requires you to decide if one party will continue to reside in the home or if neither will reside in the home and you’ll rent it out. This is almost always a temporary situation, and comes with its share of concerns. This option will have no immediate effect on your financial situation, but will have implications when it comes to filing your taxes. This option is also one of the most difficult, as it requires continued communication between both parties and essentially delays the decision to proceed with options 1 through 3. We would only recommend this option if it is an amicable divorce and there are extenuating financial circumstances, such as huge penalties for refinancing your mortgage.
We have worked with many clients going through a divorce, and some of us have been through divorces ourselves. No two are alike and we have helped our clients through a wide spectrum of circumstances. Above all we understand that a divorce is never a walk in the park. We strive to work with each client’s situation in a way that minimizes the stress and anxiety of selling or buying a home while going through a divorce. A REALTOR® is an unemotional third party, who can help you to make informed and logical decisions rather than emotional ones. Let us handle the sale of your home, so you can concentrate on your needs and the needs of your family.