receives 50% of the tax break. There are other tax benefits available when substantial equity growth has occurred over years of owning a home. These are best discussed with your lawyer or tax professional to ensure you make financially sound decisions about when to sell your home. THE EMOTIONAL SIDE OF SELLING YOUR HOME If the marital home has been the hub of happiness and family life, it may turn out to be a constant reminder of what it once was and is no longer. The good memories the home represents are now tainted by the unhappiness and pain of divorce. No matter how strong sentimental value might be, often the best option is to sell the house and move on. That way, both spouses receive some money to make a clean break and start fresh. Once you’ve decided to sell, there’s a long “to-do” list, a list that’s difficult under even the best of circumstances. LIABILITY The liability of keeping a home might be the best reason to sell. There are various ways to keep a house with one spouse remaining and the other departing, but they all carry risks and challenges. An equity buyout occurs when one spouse keeps the asset, and, in exchange, compensates the other for his/her share of the equity. THE BUYOUT
If one spouse is in a financial position to remain in the home, it might be easier to buy out the other’s share of the property, which would entail refinancing the home. The real challenges come in working out the details.
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