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Very often, it is NOT a wise decision to hold onto the house...let me ask you a very simple question: if your divorce was already finalized and you had $50k in your bank account to pay for your house decision, would you then buy a house with the exact same characteristics (i.e., your house); or would you buy something more affordable, or even rent? I ask this, because the statistics are against you holding onto this house for the next five years. Hard as it was to afford it on two salaries, now you have one (and possibly spousal and/or child support, but these will not last forever). When you have a financial crisis (you WILL!), do you have cash reserves to face it? If not, then why skate on thin ice? Sell the house, split the proceeds, and rent for a few years while you seek to build up your assets. As recent history has shown, the investment in a home does not guarantee that the home will increase in value. There are still a LOT of foreclosures on the market, and there will be more.
This is not legal advice and is not intended to create an attorney-client relationship. The post is only an opinion. You should speak to an attorney for further information. The poster is licensed only in CT & NY. Please visit our website for more information about our services.
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