If you and your partner are filing for a divorce, you understand how long the process can be. You are constantly in an emotional rollercoaster, and that can affect the decisions you make in the process. The choices and judgments you take will affect your life after the divorce, especially financially.
If you own a property together, for instance, it is required that each party gets a share of that property. This, most of the time, calls for the need to sell the property and divide the finances between you and your ex-spouse. Since you will live apart after the divorce, the financial gains from the property sale will help the both of you buy a new home or rent an flat. This way, you can both start anew and rebuild your lives separately.
The process of selling matrimonial property involves different stages, and a family law specialist can guide you in the process. There are some important considerations you have to make before you set your home up for sale, though. That is because the real estate market is versatile and sensitive. These considerations include the following:
Compute the Transaction Costs
There are fees involved in the process, and you should include them in your computation. These expenses cover moving costs, transfer costs and realtor commissions, among others. All these changes will reduce home equity by a certain percentage.
Know the Right Timing
Although you want to end the marriage fast, it is wise that you go slowly on the sale process. Rushing to close the deal with the people who ask for the property early might cause you to miss a huge deal. Take your time and wait for when the market is not flooded to increase your chances of getting a buyer who will consent with the asking price.
Do Not Reveal Your Reason for Selling
In as much as a buyer may want to know your reason for selling the house, do not be hasty in revealing you are divorcing your partner. This is because they might discover the financial situation around the case and offer a lower price. It is advisable to keep personal issues aside from the house sale business.
Is It Ideal to Sell the Property?
Before putting the house on sale, consider whether the sale is worth it. Calculate the amount you could get from your expected share. Will you need to buy a new house or rent an flat? Considering the financial implications of selling a home will help you make the right choice.
Handling family property when going through a divorce can be challenging. First, the process of selling any home is usually complicated, how much more when there is a separation or divorce case involved. You can make the process easier when you engage the services of a family law specialist for legal counsel.
A family lawyer with experience in handling property cases is an added advantage. The lawyer will guide you through the financial process of selling the property and handling divorce.