6 THINGS YOU NEED TO DO AFTER YOU SELL YOUR MARITAL HOME
After selling your marital home, it’s important to take several steps to ensure your financial and emotional stability as you move forward. Here are the most critical things to do:
1. Finalize Financial Matters
• Settle Debts: Use the sale proceeds to pay off any remaining joint debts, such as mortgages, home equity loans, or liens.
• Divide the Proceeds: Distribute the remaining funds according to your divorce agreement.
• Consult a Tax Professional: Address any potential capital gains taxes or other tax obligations related to the sale.
2. Update Financial Accounts
• Close Joint Accounts: If any joint bank accounts were linked to the home, close them to avoid future disputes.
• Redirect Utilities and Subscriptions: Ensure all utilities or services tied to the home are canceled or transferred.
• Update Your Address: Notify banks, insurance companies, employers, and government agencies of your new address.
3. Secure Housing
• Find a New Home: Decide whether to rent or buy a new place based on your financial situation and needs.
• Set Up Utilities: Ensure your new home is ready to move in with utilities, internet, and other essentials.
4. Review Insurance
• Adjust Homeowner’s/Renter’s Insurance: Purchase a new policy for your new residence or terminate your old one.
• Update Life Insurance: If your ex-spouse was a beneficiary, decide if changes are needed.
5. Plan for Your Financial Future
• Invest Proceeds Wisely: Consider consulting a financial advisor to make the most of your share of the sale.
• Re-evaluate Your Budget: Adjust your monthly expenses to reflect your new living situation.
• Check Credit Reports: Monitor your credit to ensure no joint financial obligations are lingering.
6. Emotional and Legal Closure
• Seek Emotional Support: Selling a marital home can be a symbolic and emotional event. Talk to a counselor or trusted friend if needed.
• Final Property Paperwork: Ensure all legal documents related to the sale are finalized and accessible.
• Confirm Divorce Agreements: Ensure all agreements regarding the sale and distribution of proceeds are legally documented.