The real estate that you and your ex amassed during your marriage is a huge consideration when you are going through a divorce. You might be tempted to try to keep the biggest properties, but this might not be in your best interests. There are several things to consider when you are working through the property division process.
You must look at the available options for each property, as well as how each of those will impact you. Some people decide that they will just split the properties as evenly as possible. If there are mortgages on any of them, you must figure out whether you can afford to continue to pay those. Factoring in your single income will play a part in these calculations.
But don’t think about just the big mortgage payment. Consider factors like the insurance payments, upkeep costs, taxes and repair costs. If you can’t comfortably afford those, you might decide not to fight for the property.
In some cases, selling everything and splitting the profits is the better option. This enables you to clear all the mortgages on properties and can provide you with a cushion for your new life. If this is what you are thinking about doing, find out about the tax implications and any other financial impacts this decision will have.
The division of real property can be rather challenging. The various options and the constant flux of the real estate market can make it hard to plan too far in advance. For this reason, you should evaluate your options in real time.