Jamie Graham & Associates, PLLC

Is it best to keep or sell a home after a divorce?

When a couple decides to end their marriage in Texas or elsewhere around the nation, they soon begin discussions on how to divide the assets they have gathered while they've been together. These deliberations have the potential to be contentious since the couple may not always see eye to eye on how handle the division of property. Recently, a financial expert was asked for some advice on whether or not to sell a luxury home following a divorce.

A 60-year-old wrote that her husband wanted to end their marriage after 17 years. Together, the couple has property worth over a million dollars. The husband wants to sell it, but the wife doesn't. She has previously managed the property and wants to continue doing so as an income source. She also desires to further develop it for more income potential in the future.

Advisors first warn against becoming too attached to the assets they own. It is more beneficial to look at the asset more objectively as a means to possible increase income potential, thus improving someone's life today and tomorrow. Becoming emotionally attached can cause blind spots that an individual is not able to overcome. Opportunities may be missed by refusing to let go of one's feelings toward a specific asset.

One way to help keep emotions in check during a divorce is to seek the guidance of a Texas attorney. An experienced divorce attorney can methodically walk someone through the legal process and help evaluate and document all marital assets. A knowledgeable lawyer will work to protect a client's interests and achieve a favorable outcome in the proceedings.

Source: The Washington Post, "Consider your options carefully when weighing whether to keep or sell home in a divorce", Ilyce Glink and Samuel J. Tamkin, Sept. 25, 2017

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