Once a couple decides to get a divorce, both parties must agree on the best way to divide marital assets. A couple with a house may choose to keep the house with one partner assuming the full financial responsibility, but unless the house is refinanced, both of the adults on the mortgage loan remain responsible for the debt. Even if debt is divided during the divorce, if one spouse falls behind on the mortgage payment, the other spouse’s credit is still impacted. Selling a house during a divorce is often the only way for both parties to protect their credit and financially recover once the divorce is finalized.
Agree on Profit Division
Before agreeing to sell your marital home, it is important that you make sure that both parties are on the same page. The last thing you want to do is prepare to sell your house, find a buyer, and get to closing only to realize that your spouse believes he or she is keeping all or the majority of the profit. Talk to your divorce attorney and have him or her work with your spouse’s attorney to determine a reasonable division of funds acquired during the sale of your marital home. Working out the details before either party has invested any time or money into the sale can prevent both parties from having yet another issue to argue about during divorce proceedings.
Find the Right Realtor
Selling a house during a divorce is not unusual, but not every realtor is comfortable with helping a couple in this situation. Focus on finding a realtor who is comfortable working with a couple who is going through a divorce. When meeting with realtors, be upfront about your situation and the timeframe for completing the sale. Unless a realtor has all of the facts, it is difficult for him or her to help you, and often, knowing the situation helps the realtor know what type of buyer is a good fit for your property and closing timeframe.
Prepare to Negotiate
Like everything during a divorce, negotiation and teamwork is necessary to get things completed in a timely manner. In most cases, you will need to compromise on certain issues in order to get the property sold so that you can proceed with the divorce and move forward. Depending on the real estate market and each partner’s financial situation, it may be necessary to complete a short sale, rent the property to one spouse, or even live in the marital home together until selling the house is more financially beneficial or feasible.
Get Legal Advice
Before making any decision regarding selling a home that you and your spouse own, talk to a division of property attorney about your situation. An attorney is able to review your case and suggest the best options for you based on your unique circumstances. The attorneys at Vayman & Teitelbaum are able to offer you advice regarding selling real estate or other assets during your divorce. With multiple locations in the Atlanta, Georgia metro area we are available to discuss your case during a private meeting, so contact us today at 678-736-7700 to schedule a consultation.
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