Should you sell the home before or after the divorce?

On Behalf of | Jul 6, 2020 | Divorce |

For a large number of Illinois residents, their homes are the largest asset they own. If a couple divorces, the disposition of this asset will have a substantial impact on the lives of both of them post-divorce. For this reason and others, couples may decide to sell the family home. The question is whether it should be sold before or after the divorce is final.

The answer to this question depends on a variety of factors. If the home is sold prior to the divorce, it will not be an issue during the proceedings, which can alleviate a substantial amount of stress for the parties. If the parties can agree on how any proceeds from the sale will be divided, that would further remove this issue from the divorce.

A primary concern for any Illinois resident going through a divorce is how it will affect his or her financial situation. The truth of the matter is that it will to some extent, but there is no need to make it any more challenging. For this and other reasons, it would also be beneficial to thoroughly examine the financial pros and cons of selling the home prior to the divorce, including any tax issues. The timing of a sale could drastically affect each party’s post-divorce financial situation.

Making the decision to sell the family home may be an emotional one, but it could be the most important financial choice the parties make. For this reason, it would be beneficial to sit down with an attorney to cover all of the pros and cons, including whether to sell prior to, during or after the divorce. Once the parties have all the relevant information, they can make a decision that will help put them into the best position possible for the future.