Selling Your Home during Divorce: What You Should Expect
Divorce is a difficult time for both the husband and wife. It can be hard to find a new home, and it can be even harder to sell your home. It can be emotionally and financially challenging, and it can be even more difficult when one spouse is the homeowner (or both of you).
If both of you own the property and want to split, you need to sell it and sell it fast. Here is what to expect when selling your home during a divorce.
You’ll need a Lawyer
The first thing you should do is consult with a qualified divorce lawyer. A lawyer will help you determine how best to split the property. You will know how much money you need for the property and other legal issues arising from the sale.
They will also perform divorce appraisals and enlighten you so that everything is perfectly split up and sold smoothly.
The Home Isn’t Yours Anymore
In fact, during your divorce, it won’t even be your name on the title anymore. It will have reverted to the lender or previous owner in most cases because it is no longer in your name alone unless you plan on keeping it on paper outside of legal documentation later on.
You might not even get your down payment back if one was involved in purchasing the property in a prior marriage or relationship. This is considered marital property when selling a home during divorce proceedings.
Make Sure You Can Make the Payments
If you are buying a new home, be sure that you can afford both houses simultaneously. That may seem obvious, but sometimes finances are harder to work out than one might think.
If you must rent a house or apartment, make sure that this can be done before you try to sell your current house and move it as well. It would not be good to have a deadline for selling and then find out that there is no place for you to move into if the house does not sell in time.
The longer your home is on the market, the lower it will sell for if it sells at all, so make sure that your temporary living situation is secure before taking steps of selling your existing property. A home inspection is recommended by most real estate agents when trying to sell a house during a divorce.
Prepare Your Home for Sale during Divorce
This may sound like a lot of work, but it isn’t. As long as you don’t let it go on too long or do a half-hearted job of sprucing up your home, you’ll be okay. This is because the longer you wait and the more you procrastinate, the more time you waste.
Remember to stay positive and keep your head up high even though this is an emotional time for you. You can make all your dreams come true when selling your house during divorce if you know what to do.
Selling your house during divorce is an important step in moving on with your life once your marriage has ended. If you are going through a divorce and are wondering whether or not you should sell your home because of the emotions involved, you definitely have a lot to think about.
The last thing you need to do is potentially make the situation worse if you are not sure whether or not to sell your home during a divorce.