Selling Your Home in Divorce

Selling your home in divorce is not the ideal situation that anyone considers in advance. However, in many cases, couples are forced to take this step at some point. Here are a few things to consider about selling your home in a divorce.

Joint Decision

Sometimes when a couple is able to communicate effectively during a divorce, they come to the decision that it would be best to sell their home. Many times, neither one of the members of the couple want to live in the house because it brings up painful memories for them. Because of this, they elect to sell the property and split the proceeds from the sale.

Court Order

Other times, couples do not work together so amicably. In this case, they will typically fight every last detail of the divorce in court. When this happens, typically they cannot decide who should get to keep the house and who should move out. Because of this, the judge in the divorce case is typically going to make a decision as to what should happen with the house. In certain cases, they will recommend that one of the spouses continue to live in the house. In other cases, they will recommend that the property be sold and the profit from the house be split equally.

Waiting on the Sale

Whenever children are involved in the marriage, this process can be a little bit more difficult. In some cases, the judge is going to recommend that the sale of the house be postponed because of the children. They might recommend that the mother continues to live in the house with the children until they graduate from high school. This way, the children will be able to retain some consistency in their lives during a difficult time period. If this is the case, the sale will be postponed until the children have graduated from high school. At that point, the sales process will begin and the profits from the sale of the house will be split equally.

Listing the House

When it is determined that you want to sell the house, you need to find a qualified real estate agent to list the property with. You should work with the real estate agent to determine what the proper value of the house is. Many people are tempted to list the property for much less than what it is worth just so that they can sell the house quickly. In some cases, this might be the best option so that you can get the divorce process over with and move on with your lives. However, if you can avoid this temptation, you will be able to hang onto the equity that you have accumulated over the years. When you are getting a divorce, you want to try to salvage as much of your assets as you can. Therefore, if you can price the house normally and wait for a buyer, this is typically going to be the best route to take.

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