You’re facing a divorce and you’ve got a lot on your mind. While you’re thinking about child custody and spousal support, there are other important questions you should also ask yourself: Who’s going to get the house? Should you sell it instead? Would you make more money selling it after the divorce is over? Or before? These are all good questions and we’ll take a closer look at them in the blog below.
Selling the House Before the Divorce
This is the most popular option and is one that your accountant may recommend. Let’s take a look at a few reasons why you should sell your house before the divorce:
- Higher Tax Write-Off: If you sell your house before the divorce, most states allow you to write-off a substantial amount from the current year’s taxes (up to $500,000). If you sell the house after, the write-off drops down ($250,000).
- Even Split: If you sell the house before the divorce, you and your ex-spouse will get an equal split. If you kept the house, you would have to negotiate during the divorce.
- Step Away: While this doesn’t deal with money, selling your home before the divorce allows you to walk away from a stressful situation. Once the divorce is over, your hands are clear of this predicament.
Selling the House After the Divorce
Your other option is to sell the house after the divorce. This also has benefits:
- Value of Property: As time goes on, the value of property typically rises. If you wait until after the divorce to sell your house, you might get more money than if you sold it before the divorce.
- Less Stress: Divorce is already stressful enough, so waiting to sell the house until after gives you one less thing to worry about.
- Somewhere to Live: If you don’t have a couch to crash on or parent’s to move back in with, you may need the home to stay at during the divorce. It isn’t ideal, but sometimes couples are able to live together while they go through separation.
If you’re undecided on what to do, contact the Fairfax divorce attorneys at Malinowski Hubbard, PLLC today. Our divorce lawyers practice in all Northern Virginia Courts, including Fairfax, Arlington, Prince William, Loudoun, and Stafford Counties, as well as the City of Alexandria.
Call (703) 935-4222 or contact us online to schedule a consultation.