It sounds so simple, we sell the house and start our lives over, but there is so much more to selling a home during divorce.
What You Should Know about Selling Your Marital Home
- How will be the mortgage be paid if there is one secured against the property? Any equity lines? Homeowner’s Insurance, homeowner’s association dues and taxes if they are not escrowed?
- How will you select a Realtor if you cannot agree?
- How will you determine the appropriate sales price if you cannot agree?
- How will you determine when or if to reduce the sales price if you and your spouse do not agree?
- How will you split repair costs as well as decide what repairs are necessary to make?
- Who will be living in the home? Will they be obligated to cooperate in keeping the home and yard in “show condition?” Will they cooperate with showings?
- How will you split the proceeds or liability owed upon the sale of the residence?
- If one spouse paid the mortgage and/or equity line solely after the date of separation, do they get credit for those payments?
- Did either spouse cause damage to the home that needs to be repaired at their sole expense?
- Is there personal property to be moved out before closing? How and when will that happen? Do you two agree on the personal property distribution?
What may seem simple may actually not be. Especially when going through a separation. What you would be advised to do is enter into a Separation Agreement and Property Settlement to address these issues and any other unique circumstances related to your situation.
What Happens If We Disagree about the Sale?
If you two cannot agree, you will need to file an action for equitable distribution so that a judge can make the decision on how to handle these issues. If you want to address the house earlier than the rest of the marital estate, you may want to consider filing a Motion for Interim Distribution. It is important that you consult with a knowledgeable family law attorney who is well versed in the unique issues that may arise during the sale of a home. They can also refer you to a knowledgeable real estate agent who understands the real estate business as well has dealing with separated clients.
Work with an Experienced Raleigh Divorce Lawyer
If you would like to schedule a consultation to discuss these items, please contact our office at 919-301-8843, and one of our family law attorneys will be happy to meet with you to discuss your unique situation.
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