For many spouses who are contemplating divorce, what may happen with their primary residence is their biggest concern. The home where the family lives might represent hundreds of thousands of dollars of investment and may also be a source of personal pride for the spouses because of how they saved for their down payment or how they helped fix up the property after taking possession of it.
Many people who are considering divorce will fight with their spouse over the home or stress over the possibility that a judge might force them to sell the property rather than let them live there. Other couples actively seek to sell the home where they live together. Why would people choose to list their home for sale during a divorce?
1. They want a fresh start
Those with children may want to stay in the same home so that the children stay at the same school, but those without children may find that the home that they lived in while married is just an unpleasant reminder of the relationship. Many people choose to cooperate in the sale of their home so that both spouses can sever their ties to a property with bittersweet memories attached.
2. They can’t afford the home without help
What spouses can finance when combining their income and credit scores may be far above what either spouse could qualify for with only their own resources and credit history. Especially when someone needs to withdraw equity to compensate the other spouse for their interest in the property, it may not be feasible for someone to afford the home on their own.
3. They want to avoid debt problems
One of the big uncertainties in modern divorce is what happens to marital debts. Although the courts can order one spouse to pay off certain accounts, they could potentially default or file for bankruptcy after the divorce.
Those actions could drastically affect the finances and credit score of the other spouse. Selling the home can be a way of eliminating household debts, the couple can pay off their obligations with the sale proceeds, thus eliminating the possibility of future bad behavior by either spouse affecting the other.
Understanding why some people choose to sell their home in a North Carolina divorce may assist someone in making a more rational choice about their marital home. Seeking legal guidance is usually a good idea before committing to any particular course of action.
