Selling Your House Because of Divorce

Statistics from the mainstream media say that 50% of all marriages end in divorce.  The only comforting thing about this statistic is that if you are one of the 50% you are not alone.  It can be a very emotional and trying time.  If there is one place where cooler heads need to prevail it is over the division of assets.  Otherwise, it can push both parties into damaging financial consequences that could take years to repair.

Here are some tips about dealing with the sale of your house during a divorce:

1)      What to do with the house

• Keep it: one party buys out the other and keeps the home.  Decide if it is beneficially feasible to keep the house.  If you have the cash you may decide to buy your ex out.  If not, call a mortgage broker to find out about other financing options.

• Sell it: both parties put the home up for sale and split the proceeds.  You will want to put the house on the market as soon as possible.  Especially if you are going to purchase another home.

2)      Selling the house – You want this transaction to go as quickly and smoothly as possible so that you can move on with your life.  Dragging your heels on this will make it more difficult on both parties.

• Do not sabotage the transaction - In some cases there is a power struggle and it begins with who chooses the Realtor.  The Realtor should be your neutral point and voice of reason for this transaction.  This should be a shared decision.  You both need to be willing to communicate with the Realtor (either together or separately) in order to have a successful transaction.  Once you have chosen a Realtor commit to working amicably throughout the transaction.  Any bickering can and will slow down the transaction and could chase away any prospective buyers.

• Basic rules apply (see Selling Your Home Pt 1&2 in this blog)

1. Choose a Realtor
2. Price Correctly
3. Declutter
4. Clean
5. Curb Appeal

Divorce is tough.  It is can be emotional, difficult and unpleasant.  People may have been hurt or chosen a different path.  It can also be an event that affords us the opportunity to conduct ourselves in a manner that shows respect for ourselves as well as understanding and compassion for our family and friends who may also be affected by this life change.  Consider putting this event behind you as fast and smoothly as possible so you can move on with your life.