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Don't want to keep your house? Here are some options

A divorce can make you take a cold, hard look at your finances. For many people, the reality is that keeping their home in Santa Rosa is out of the question. If you do keep it, you'll be paying more on a mortgage and have to take care of utilities. In the past, these bills might have been shared, so "going it alone" might not be feasible.

If that's the case, there are a few things you and your spouse can do to make the most out of the property. If you're not eager to sell it outright, for example, then you might want to consider renting the home as a rental property.

What can you do with a property if you don't want to have full-time tenants?

If you don't want to have full-time tenants but need to cover the cost of the mortgage that you and your ex-spouse would have paid together, then consider making the property a vacation rental. Air B&B and other companies allow you to put the home on their websites for temporary renters. This also means that you and your ex-spouse could keep the home and potentially use it yourselves.

For example, this would work well if you both believe that the home's value will skyrocket in the future. Instead of selling when its value is low, you can stay invested in the property and cover the mortgage with a temporary renter. Then, if you want to use the property for your own vacation due to its great location or amenities, you'll be able to do that, too.

Keeping shared property can be beneficial if you and your ex-spouse have children together, too. It gives your kids a home they're familiar with. Some people choose to continue living in the home together but not as a married couple. Others switch with each other every week or two weeks, allowing the children to remain in the property they've always grown up in. Keep in mind that the times when parents aren't taking custody of the kids are times when they will have to support their own living arrangements elsewhere.

These are a few ideas that could help if you don't want to sell your property during a divorce. If you and your ex-spouse are friendly with each other, keeping the property and waiting for it to improve in value could be a good option for you both.

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