As we all know, a home is a valuable join asset, and can’t be split without liquidating first. Undergoing a divorce can be one of the most life-changing events that can pack a lot of stress, but it’s important to continue with rationality. There are many factors to take into consideration when facing a divorce in a real estate market.
Choosing an agent
Generally speaking, it’s okay to sell a house without an agent, but definitely not encouraged when divorcing. Avoid arguments regarding who your agent will be. If you both liked the agent you’ve previously worked with, try contacting that same one. If you’re still unable to agree, try each picking an agent and having those two agents pick a third agent.
Agreeing on an asking price
Be sure to seek advice from your agent on the asking price. Deciding to have your agent help you with that decision could relieve you from future conflict. If you have any doubts about the opinion of your agent, you may have to consider finding a new agent.
Working together when it comes to reviewing offers from an interested buyer is more than ideal. This is especially necessary when living in a real estate market that is uneasy. Of course, your agent can advise you, but at the end of the day, you’ll have to make the final decision together.
Dividing the cash
Last but certainly not least, you’ll have to agree on how the proceeds will be divided. Generally speaking, this shouldn’t be too complicated. Escrow companies can split the funds, after paying off all the dues on the home and handling other payments you’ve agreed upon. If you or your spouse have made post-separation mortgage payments, that spouse has helped with minimizing the principal sum and maximizing the equity. This could increase the amount divided between the spouse after all dues have been taken care of. The distribution will be adjusted accordingly.
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