By Joan Rogliano
Certified Real Estate Divorce Specialist & Owner of Rogliano Real Estate Group and Wildflower Group
There are countless decisions people must make when going through a divorce. Whether you are personally navigating through a divorce, or you are assisting a client or friend with the process, it’s important to take a step back and carefully consider the implications and long-term outcomes of major decisions, particularly those that carry heavy financial and emotional clout, like what to do with the marital home.
To help you see through the fog and avoid common pitfalls, here are five questions you (or your clients/friends) need to consider before making a final decision about your house:
What are the tax liabilities if you or your former partner takes full ownership of the home?
What are possible pitfalls if one party stays in the home and the party is responsible for paying the mortgage?
What are the actual annual costs to maintain the home? Has a recent inspection been done, and, if so, are you fully aware of all issues?
Should you keep the home and buyout your soon-to-be ex-spouse, or vice versa?
Can either of you really afford to keep the home after the divorce?
By answering these questions, you can minimize issues related to the division of your house—likely your largest asset.
Looking for more insights? Check out my video, “Mortgage Tips — Divorce and Your Home.” www.youtube.com/joanrogliano