The House vs. A Fresh Start: Making the Right Choice in a Minnesota Divorce
Divorce is a complex and emotional process, and one of the decisions divorcing couples face is what to do with the marital home. For many, a house represents stability, memories, and financial security. However, determining whether to keep or sell the home requires careful consideration of both financial and emotional factors. As a Minnesota Certified Divorce Real Estate Expert (CDRE®), I’ve guided many clients through this critical decision. Here’s what you should consider before making your choice.
The Case for Keeping the Home
Pros:
Stability for Children – If you have children, remaining in the home can provide a sense of continuity during an otherwise disruptive time.
Emotional Attachment – If the home holds sentimental value, keeping it might feel like preserving an important part of your past.
Market Considerations – If the market is strong and you expect continued appreciation, holding onto the home may be a wise investment.
Availability of Resources – If you have the financial ability to maintain the home independently, keeping it may be feasible.
Cons:
Financial Strain – A single income may not be enough to cover mortgage payments, property taxes, maintenance, and other homeownership expenses.
Refinancing Challenges – One spouse will typically need to refinance to remove the other from the mortgage, which can be difficult if credit or income isn’t sufficient.
Asset Liquidity – Tying up assets in a home may limit your financial flexibility, making it harder to handle unexpected expenses post-divorce.
The Case for Selling the Home
Pros:
Financial Freedom – Selling allows both parties to divide the proceeds and start fresh without the financial burden of a large asset.
Elimination of Conflict – Co-owning or negotiating buyouts can create ongoing disputes. A sale provides a clean break.
Opportunity for a New Beginning – Moving to a new home can symbolize a fresh start and help you emotionally transition to post-divorce life.
Equitable Division of Assets – Selling the home simplifies the division of marital assets, reducing legal and financial complexities.
Cons:
Emotional Toll – Selling a family home can be difficult, especially if it was a place of happy memories.
Market Conditions – If the housing market is down, selling may result in a lower-than-expected return.
Relocation Stress – Finding a new home and adjusting to a new environment can add to the stress of divorce.
Key Financial and Emotional Considerations
Before making a decision, ask yourself:
Can I afford the home on my own? Consider mortgage payments, insurance, taxes, and maintenance.
What are my long-term financial goals? Will keeping the home support or hinder your financial stability?
What does my divorce settlement look like? The division of assets, including retirement accounts and savings, may influence your ability to retain the home.
How will this decision affect my emotional well-being? Will staying in the home provide comfort, or would a fresh start be more beneficial?
Every divorce is unique, and there’s no one-size-fits-all answer when it comes to keeping or selling the marital home. Consulting with a Certified Divorce Real Estate Expert can help you assess the financial realities and emotional impacts of your decision. By carefully evaluating the pros and cons, you can make an informed choice that supports both your financial future and emotional well-being.
If you’re facing this decision in your divorce, reach out for expert guidance tailored to your specific situation. The right choice is the one that sets you up for a stable, secure, and fulfilling future.
Please feel free to contract Shannon Lindstrom, Certified Divorce Real Estate Expert and Realtor® at RE/MAX Results today to begin your journey with the guidance and expertise that will help you make empowered decisions during this time.
Shannon Lindstrom, Realtor®, CDRE®, CREDS, GREEN, MILRES, MRP, VCA
RE/MAX Results
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
https://www.ilumniinstitute.com/cdre/shannon-lindstrom
