Going Through a Divorce

Going Through a Divorce

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Going Through a Divorce

Going through a divorce is one of the most difficult and stressful experiences you are ever likely to go through. Bill Gassett writes in Realty Biz News, “what you need to know about going through a divorce.  Knowing what to do with the marital home can be a real problem. Should you sell it and divide the proceeds or follow another route?”

One person may want to buy the other one out or keep the home to rent out. There is an endless number of case scenarios. However, a home sale to divide the proceeds during a divorce is still the most popular option.

It is important for both spouses to be on the same page. Sometimes that is easier said than done. In the long run, though it will be best for everyone especially if there are kids involved.

The Advantages of Selling Your Home When Going Through a Divorce

There are obvious benefits of selling your home during the actual divorce process.

  • The proceeds from the house sale will allow both parties to move on quicker and maybe even invest in a new home. That’s just one of the benefits of selling your home in the midst of a divorce.
  • Secondly, it will be easier for you to handle other joint financial matters. Most couples will find that they have some joint debts such as loans, outstanding credit card balances, and perhaps even pension arrangements that need to be agreed on.
  • Consider the affordability of the home as well. Could you keep up with ongoing maintenance payments such as repairs and servicing of HVAC systems on your own? Sometimes one spouse has their heart set on keeping the property. If it’s for the right reasons that could be a good thing – such as stability for the kids.

If on the other hand, you’re keeping the house out of spite to your spouse that could be a critical long term mistake. The win at all costs attitude gets a lot of people going through a divorce in hot water.

Dividing the Proceeds From a Home Sale

Most States handle the proceeds from a home sale differently when you go through a divorce. If your home state has a communal policy, it means that everything purchased by a couple during their marriage is considered to be jointly owned.

There are exceptions, and if you have signed a prenuptial agreement, you may find different laws apply. However, most of the time, the home is considered a joint asset and you need to be prepared for that.

This is also likely to apply to all debts, and you need to make sure that you have a clear picture of what you jointly owe as well as own. If you are in doubt, or can’t agree, ask for mediation. It will help you to solve any problems quickly.

Final Thoughts

When selling a home while getting a divorce, it is important for both spouses to be one the same page right from the get-go. If possible try to be amicable with your partner. Shooting for the moon when you have no chance of getting that isn’t smart.

Try to work things out fairly. Those that do don’t waste countless months arguing all the while running up a significant attorney bill.

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