A divorce is no one’s idea of a good time, however unpleasant, divorce is a fact of modern life. Divorce proceedings can be difficult, especially if there is real estate involved.
How does a divorce affect property? Here are a few questions questions to ask if real estate is involved in a divorce.
Should I Advertise That the Sale is Because of a Divorce?
No. This is information best kept between you, your family, and maybe your real estate agent. Potential buyers will think they have the upper hand if they know a divorce is on the horizon. To avoid them sniffing out your secret, we recommend staging the home so it looks as though both a man and a woman still live in the home.
Should We Keep the House or Sell It?
This is a complex question. The answer isn’t easy, but let’s try to breakdown some scenarios and options. One spouse may have owned the home before the marriage and he or she may own 100% of it. Or the home could’ve been purchased during the marriage. In this case, the home is a joint property. Rarely does the following scenario play out: one person owns the home and the other helped to pay for the mortgage and general upkeep.
Sometimes, one parent will want to stay in the home if there are children and they want to keep them in the same school.
Many couples must sell for usually one of two reasons: they can no longer afford it or they do not qualify for a mortgage on their own. There are almost as many answers to this question as there are divorces. We recommend that you work closely with your lawyer and real estate agent to find the answer that is best for you.
Is a Deferred Sale a Good Idea?
It can be, especially if the parents want the children to continue living there until they’re grown.This way, payments on the home can be arranged until the home is sold.
Do you have more questions about divorce and real estate? Contact me at 801-910-8559.