When it comes to a divorce, one of the most difficult items to address may be your marital home and what you should do with it. Many people face turmoil thinking about whether or not they should keep the house, what it means to them, and so much more. This could bring a lot of emotions that you may not necessarily understand, which is why it helps to have an attorney through this process. Here are some of the questions that somebody may ask themselves when they are making this important decision:
- Does the house represent something much deeper to me? Remember the mortgage costs as well as where your kids will grow up if they have been living in this house for some time. Will you lose money by keeping the house or gain a better feeling surrounding the house?
- Should you continue to hold it jointly with your ex-spouse? If you decide to hold the home jointly, then you would not have to refinance to get his name off the mortgage as well as many other issues you may run into. You will also both share in the appreciation.
- Will there be hidden tax consequences if you hold onto the house? If you become sole owner of the house, the entire cost of the sale and capital gains liability will fall onto you. You may be better off selling it if it is in both names.
Making the Decision to Sell…Now What?
Of course, there are a lot of decisions to be made after you make the decision to sell, as well. For instance, before sales proceeds will be divided, you may have to take care of many issues such as paying off the mortgage, any equity line or second mortgage, and brokers’ fees. You may also have to pay capital gains taxes that might apply. These expenses could be a disadvantage sure, but you will still be able to put your home on the market and try to get the best possible price that will pay off for both of you. Here are some of the steps that you must consider and how to get the best possible end result from them:
Pick the Agent: There may be added stress if you choose to sell a marital house without an agent. You may have problems finding the right agent for the job, so consider having someone else select your agent if you cannot come to an agreement. Adding that stress to the fold is unnecessary.
Settle on Asking Price: Always wake the agent’s advice about your asking price. If the agent handles it for you, there is less for you to worry about.
Prepare to Show the House: This can be one of the most difficult parts of the sale process. You may have to make minor repairs to the home and agree where money will come from to take care of these repairs. The agent will either stage this for you or you will be left to decide.
Review the Offers: You may have to work together quite a bit to review offers when they come in. Your agent will advise you during this time; however, you will have to make the end decision jointly.
Divide the Cash: You must figure out how to divide the proceeds. The escrow company may choose to distribute the money after all obligations are paid off. Then, the distribution can go from there.
Yes, selling a house can always be a complex matter. However, it is made that much more complex when you add the element of divorce into the mix. This is why we are there to help you every step of the way. At The Law Offices of Amy M. Montes, we want to help you every step of the way with your divorce. Call us now.
