Depending on who you ask, somewhere between 30 percent to half of all marriages in the U.S. end in divorce. The division of a couple’s property is probably one of the most stressful aspects of the process and selling the marital home is often contentious.
Not all couples sell the home, however. Sometimes one spouse will “buy” the other spouse’s share of the home, or the parent with custody of the children is given the right to live in the home temporarily while the children grow up.
But, most often, the home is sold and the proceeds from the sale are split between the parties, according to what they’ve agreed upon.
Here’s what to expect should you decide on the latter solution.
Getting the home on the market
The listing process
The only way the home selling process will go smoothly is if both of you are on the same page. Easier said than done, right?
Think of it this way: The more strife you bring to the transaction, the longer it will take. The longer a home sale takes, the less money you’ll make.
As a listing agent I can tell you that the simple act of choosing an agent can trigger a disagreement. Then, there’s the price of the home that has to be hotly debated along with other aspects, such as how much work to do on the home to get it ready to sell.
The less emotion you allow into the entire sale process, the better it will be for both of you, especially financially.
Realty Billings can help by giving both of you all the information you need to make a smart decision on all aspects of the sale.
Marketing the home
Why you are selling the home is nobody’s business, so you don’t need to worry that we will share the news of your divorce with anyone.
Not only is it none of their business, but the knowledge of the divorce (and the stress buyers know you’re under) may provide them with leverage to help beat you up over the price.
So, mum’s the word
While the home is on the market the two of you need to come to an agreement that whoever lives in the home will keep it tidy and be accommodating to buyers’ schedules. If you agree to this beforehand and plan for it, it will be a lot less disruptive.
The most challenging part of the process of selling a home during or after a divorce is when it comes time to review offers from buyers. If ever the two of you needed an excuse to go at one another, this will be it.
The entire process will come to a halt if you aren’t in complete agreement on every contingency and term in the contract
I know it’s hard to talk about much at this point in your marriage, but discuss the possibility of putting your grievances aside during this period so that you can both move on with your lives.
And, remember, I’m always available so if there’s something you don’t understand, if you feel you’re not being told the whole truth (I hear this one a lot), feel free to reach out to me.
Division of the sale’s proceeds
Before escrow closes you’ll need to know how the proceeds from the sale will be divided and this is something your lawyers should be consulted about. The escrow company will then be notified about the distribution agreement.
Team Realty Billings works with many clients in your position and we understand the difficulties that may occur. It’s our goal to make this successful for both of you.