For many divorcing couples, the decision about what to do with their home is governed by financial concerns. The only feasible option is often to sell it and divide the proceeds. This can help both of you have the necessary funds to buy or rent your new individual homes.
Selling your home may also be the most practical option for other reasons. If your children are grown, you can afford to downsize. When you both have a new home, it also helps you get off to a fresh start.
The steps involved in selling a home can strain the happiest of couples. For couples ending their marriage, selling their home together can prove extremely challenging.
Choose the right real estate professional
Just agreeing on a real estate agent you both trust can be difficult. If you have an agent you’ve used in the past, they might be your best choice. Remember that they’re in it to make money – not to help one spouse get the better of the other.
If you need to find someone new, it can help to list the qualities you both want in an agent and interview a few together. Just don’t drag this out too long and delay getting started on the sale.
There are real estate agents who are certified divorce real estate specialists. They’ve undergone special training to deal with divorcing couples and the laws that may apply when a divorcing couple sells their home.
Agree on important elements of the sale
Once you’ve retained an agent (if not before), it’s important to agree on some basics. For example, how will you split the proceeds? This will depend in part on how much each of you contributed to the original purchase and upgrades as well as how you’re dividing other assets.
It’s smart to have this agreement codified by your legal representatives. You may also want to codify how much each of you is contributing to upgrades and repairs you do ahead of the sale. It’s best to determine with your real estate agent how much time and money (if any) you want to spend on these things to get a higher price.
It’s important to keep each of your divorce teams in the loop throughout the process and to reach out to them whenever you have questions or concerns. Your home is likely the most valuable asset you’ll be dividing, so it’s crucial to have as much professional guidance as you can get.