10 Tips for Selling Your Home when Going through a Divorce
Property laws vary from state to state and with this diversity in laws comes different complications when it comes to ownership. Wedding vows state for better for worse, for richer for poor but differences occur, and individuals decide to part ways with whatever property they may have acquired when the relationship was good. Here are ten tips you need to know if you plan on selling your home during a divorce.
- Know the laws of your state
Knowing the laws of your state will help you make smart choices and keep you in the loop when it comes to making smart real estate decisions. What does the law say concerning divorce and how properties will be shared? Does this law favor you? Can tie b contested? Is it fair to you? Is there a way the law can help you get what you truly own? What does the law say about selling houses in the middle of divorce proceedings? Familiarize yourself with these laws or get a real estate agency or lawyer to handle this for you.
- Financial Security
In times of uncertainty, financial planning is key to survival. Don’t be in a hurry to sell a house during divorce proceedings until it becomes absolutely necessary. Engage the services of an expert and find out the best time to sell.
Some people who go through a divorce are usually in a fix as to the next decision to take with their real estate. When they do not seek wise counsel, they end up making the wrong decisions. No matter where the divorce proceedings hold, money and properties are always a bone of contention. Know your budget especially on what you have planned to sell the house for. Hire an appraiser to appraise the house and give you a value before you put it up for sale. It is also advisable during this period to live within a budget until everything belonging to you can be released. When expenses exceed income, especially because of the situation, money issues begin to spring up leading to forced sales. Budgets should reflect necessities and priorities. If the house is gulping too much money, you may want to reconsider.
- Consult experts for advice
When those who are going through a divorce walk into our office, we try to advise them in any way they can. This is important because this period is one of emotional unrest and it is easy to take rash decisions when it comes to real estate transactions. Whether they are looking to rent, lease, buy or sell a property during this period, we assist them in making smart choices irrespective of the location of this choice. We provide helpful tips such as these in order to keep their mind at rest in selecting the home they want to sell.
Time is Of the Essence
When it comes to real estate selling during divorce proceedings, knowing when to sell is of paramount importance. We help our clients find the best time for their real estate transaction so that they are not breaking any laws or going against any court injunctions. We do a fantastic job at that with our personal and customized approach to each client, depending on the best decision and the magnitude of the divorce proceedings. Whether our client intends to buy, rent, sell or invest in a property at this time is a big decision and we are here to provide support every step of the way.
- Method of receiving payment
When a real estate transaction has been carried out, knowing the right method of payment may be just the smart move you need. Some homeowners who operate joint accounts with the partner they are about to divorce may want to consider cash payment as the best option. Budgeting and money management does not come easily, particularly to a person who had contributed more, financially to the now-sour relationship.
- Keep expenses on the low
Reducing expenses to the barest minimum can save you from a whole lot of disappointment. Keeping a budget can help divorcing spouses protect themselves from impulse spending too much. Parents who go through divorces have been known to do the guilt-shopping and guilt-buying for themselves and the wards in their care. This can include buying things they do not need including real estate investments. Many spouses feel guilty and want to “make up for it” by indulging the children in new things.
- Keep those documents handy
If there is any document that rightly states your share of a real estate property, keep it close. It will come in handy.
- Financial costs
It is a known fact that experts cost money. Professionals cost money. In cases that involve houses, pensions and businesses, there are accounting fees and costs for hiring experts and conducting appraisals. If there is a fight over the children, the court may order a psychological evaluation that adds to the bill. This may want to force your hand into making hasty real estate decisions. Before you decide to divorce, consider if working on the marriage is cheaper and a viable option than the process in which you are going to venture. Consider the joint or single ownership of properties. Legal fees are certainly daunting, and no divorce is going to be filed, negotiated and completed in less than 20 hours of legal time. Do you have anything in your name? Who is going to end up with the shorter end of the stick in the case of this divorce? Who is going to pay the experts?
Here are some important things to note before you meet a lawyer:
– If there is a residence as part of the marital assets, unless there is an agreement as to its value, it will have to be appraised—another cost.
-If there are valuable tangibles such as oriental rugs, collections or artwork and there is no agreement as to their value, then an appraisal will be necessary.
-If there is a defined benefit pension in the “pot,” an actuary will need to evaluate its current value. A business interest valuation or a medical practice evaluation can really run up the fees but is absolutely critical to the finalization of assets. Such values require a complex analysis but, since the interest is marital, the value must be quantified. The way the court decides on how to divide assets is a simple formula: identify the asset, determine its value and divide it. The expense of valuing the assets for division can be very large.
- Create Time to Sort Out Real Estate Issues
Work hand in hand with an expert to sort out any real estate mess that might arise. Divorce litigation is time-consuming. Meeting at the lawyer’s office and appearing in court takes time away from your employment.
Once the real estate has been neatly resolved, move on. Divorce is never easy but there is always light at the end of the tunnel. If selling will bring painful memories, it is always best to sell it and move to another area. Once you have experts like us on your side, selling and moving on should be a piece of cake.