While some people in New Jersey want to stay in their homes following a divorce, many others want a fresh start somewhere else. If you include yourself in the latter category, you may be wondering whether it makes more sense to sell your home before or after you finalize your divorce.
According to HomeLight, many variables can impact which option makes the most financial sense for you. Developing a better understanding of the benefits and drawbacks of selling before or after your divorce should help you make a more informed decision.
Pros and cons of selling before finalizing your divorce
If you lack the funds you need to buy or rent another home, you may want to consider selling your home before you finalize your divorce. That way, you can put any profits you make on the sale toward a security deposit or down payment somewhere else. However, trying to sell your home before your split also has the potential to draw out or delay the divorce process.
Pros and cons of selling after finalizing your divorce
Some former couples find it easier to sell the home after a divorce because enough time has passed by that point for both parties to set some of their anger and animosity aside. However, you may not want to remain in contact with your ex after a split, which might make this option less appealing.
These are some of the main considerations when deciding whether to sell your home before or after a divorce. However, other factors, such as the strength of the housing market in your area, may also factor into your final decision.