Many divorcing spouses find that the best option – and possibly the only financially feasible one – for dealing with their home is to sell it and divide the proceeds. It’s typically best to put your home on the market as soon as possible. The sooner you can sell it, the clearer picture you’ll have of the assets you’ll have moving forward. It will also give you the money you’ll likely each need to buy a new place.
Selling a home is generally not enjoyable. There are myriad decisions and details. For estranged spouses, it can be a highly charged endeavor. It’s often important to put your feelings toward one another aside and focus on the goal — getting the best possible price for the home as quickly as possible.
Deciding these things upfront can make the process go more smoothly
First, choose a real estate agent you both trust. If you have someone you’ve worked with before, they may be a good choice. It’s typically best to choose someone who has experience working with separated or divorced spouses. There are even certified divorce specialists (CDS) who have special training in the unique concerns of those selling a home as they end their marriage.
Once you’ve chosen an agent, you’ll determine the asking price for your home (and the price you’re willing to accept). You’ll also need to decide how much time and money (if any) you want to put into upgrades to boost the price.
You’ll want to determine whether all decisions need to be made together or just major ones. Remember that you don’t want every decision to be a battle. That’s why it’s wise to clarify your goals for the sale upfront.
Another important decision is who remains in the home while it’s on the market. Real estate experts say homes typically sell better when they’re still occupied. If one of you has already moved out, that’s decided.
It’s also crucial to determine who will be responsible for repairs and maintenance during this time. Financial matters like the mortgage, utilities and other homeownership costs during this time should likely be codified with your divorce teams, as well as the division of the proceeds.
Every situation is unique. That’s why it’s important to ensure that you have solid legal guidance on the effect of your home sale on the divorce agreement terms you’re seeking.