Selling a marital home during a divorce can be a complex process, but with the right preparation, you can make it a smooth and fair process for both parties. As a divorce attorney at The Blacknall Firm, I often advise clients on the questions they should consider before selling their home during a divorce.
Dividing Personal Property
One of the first things to consider is how you and your spouse will divide the personal property in the home. This includes items such as furniture, jewelry, and even tools in the garage. Sometimes dividing these items is straightforward, while other times it may require the assistance of your attorneys to negotiate on your behalf. It’s important to have a written agreement that clearly outlines who gets which item.
Living in the Home
Another important question to consider is who will live in the home and for how long. This may depend on factors such as who has primary physical custody of the children, for example. It’s important to have a clear understanding of who will continue to live in the home while it’s on the market.
Paying the Mortgage
It’s also crucial to consider who will pay the mortgage payments while the home is on the market. Just because one spouse is living in the home, it doesn’t mean that they have to pay the mortgage.
Before putting the home on the market, you may need to determine if any repairs are necessary. This can be a sensitive issue, as both spouses may have different opinions on the extent of repairs required. It’s important to have a written agreement in place outlining how you will decide on which repairs will be made, and who will pay for them.
Selecting a Realtor
Choosing a realtor can also be a challenging aspect of selling a marital home. It’s important to have a clear agreement in place outlining how you and your spouse will choose a realtor to represent you both.
Setting the Sell Price
Determining the initial sell price of the home is another key question to consider. Both spouses may have different opinions on this, and it’s important to have a written agreement in place outlining how you will make this decision.
Reducing the Sell Price
If the home has been on the market for a while, you may need to consider reducing the sell price. It’s important to have a clear agreement in place outlining when and by how much the sell price will be reduced.
Splitting the Proceeds or Liability
Finally, it’s crucial to consider how you will split the proceeds or liability upon the sale of the home. This may depend on factors such as who paid a significant portion of the mortgage, who covered the cost of repairs, and the division of assets in the marital estate.
In conclusion, selling a marital home during a divorce can be a complex process, but with the right preparation and clear agreement in place, it can be a fair and efficient process for both parties. If you have any questions or concerns about selling your home during a divorce, I invite you to contact The Blacknall Firm for a consultation.