Selling a house after divorce – Separating from your partner is a trauma. To ensure that the decision about your jointly purchased and financed home does not become traumatic, you should definitely opt for professional advice on the various possible solutions. Should you decide to sell your home, you will find all the important information here.
Divorce – selling a house? What you need to consider
A jointly occupied and financed house is usually the focus of a divorce. If neither partner wants or is able to keep the house, in most cases it comes down to a property sale. There are several solutions you can consider and contrast. Most divorcing couples choose to sell the house to a third party, as this method results in the fewest disputes. You part with existing debts together and exclude the need to continue paying off a home loan together.
Is it worth selling the house in the event of a divorce?
Whether you should hold the house for at least a certain period of time or sell it immediately depends on several factors. If you have not been repaying the loan for 10 years, a house sale can lead to financial difficulties and be accompanied by an early repayment penalty to the bank. If you aim to sell the jointly acquired and financed property in the course of a divorce, you should carefully consider whether you can already redeem the loan without an early repayment penalty.
Otherwise, it is possible to find a solvent buyer and sell the house including the existing loan. If the buyer and the bank agree to the assumption of liability, you can also sell your house before the end of the 10-year fixed-interest period and do not have to expect an early repayment penalty.
More on divorce:
Among all joint acquisitions, the house stands as the largest asset in your possession. For this reason alone, a jointly acquired property purchased during the marriage period will also be the biggest “bone of contention” when it comes to property division during the divorce process. Learn everything you need to know about the divorce process.
For families with children, housekeeping is often high on the agenda in the event of a divorce. In many cases, the partner with whom the children remain stays in the house. So that the children can remain in their familiar environment and are not additionally burdened by the divorce, this option proves to be the best solution. However, the desire to keep the house is of course linked to the respective financial situation and to agreements made. More on the subject of
Separation and house
Separating from your partner is a trauma. To ensure that the decision about your jointly purchased and financed home does not become traumatic, you should definitely opt for professional advice on the various possible solutions. Do you want to keep your home despite separation and pay off your former partner? Or are you interested in selling and would like to achieve realistic proceeds on disposal? More information on the topic of separation and house.