If you have separated from your spouse, you may have conflicting opinions about who should keep the home, especially in the current real estate market with rapidly rising property values. The issue becomes compounded if you share multiple properties, such as investment properties or vacation homes.
Before you begin to negotiate with your spouse about property division, review these three common real estate mistakes to avoid during divorce.
Leaving the house empty
Sometimes both spouses move out because they cannot agree about who should stay. This strategy compounds the amount you will pay for housing with three mortgage or rent payments instead of two. In addition, the empty house may not show well to potential buyers, especially if you do not keep up with cleaning and maintenance.
Holding onto a costly property
Before you fight for the family home, do the math to find out whether you can afford to keep the property. Do not forget to factor in maintenance costs, utilities, taxes and other expenses associated with upkeep. If moving will cost more than staying put, consider seeking spousal support if you think you will be on a tight budget.
Letting your emotions lead
Try to make decisions about property division based on the best outcome for your finances (and for your children, if you are a parent). Instead of extending divorce proceedings because you have emotional ties to a home where your family always vacationed, think about moving forward with a new future without expensive ties to the past.
Avoiding these three common errors can help ease the process of dividing real estate holdings with your spouse.