When a couple goes through the process of divorce, determining what to do with the marital house can be complicated. In some cases, one partner may wish to keep the house by buying the other partner out or they might decide to wait until the youngest child reaches the age of 18 and then sell the house. On the other hand, there are couples who choose to sell their home during the divorce, let me inform you of the process.
Why Do Some People Choose to Sell?
During the divorce process, there are benefits of selling the house, both personally and financially. When the house is sold the profit gained may provide each partner with solid support for them to start a new. By selling the marital home and eradicating the shared mortgage debt, the net proceeds of sale can help in the emotional aspect and also offer closure in the legal part. Deciding to sell before the divorce is finalised will help offer each individual to deal with other debts and financial responsibilities.
Getting Ready to Sell
There are some factors you should consider before you sell your home, such as the choices and responsibilities which may come your way. Many homes require updating or maintenance before they are ready to sell, which will need time, money and joint decision from both individuals. Be prepared to discuss your priorities to your divorce solicitor and before you have made your final decisions make sure to check in with your divorce solicitor again.
The biggest decision to be made is the price you will sell your home at. Discuss the price with your partner and your estate agent, you should both agree on a final price. If you cannot agree what price top sell the property at then follow the advice given by the agent. You should also let your divorce solicitor know what you have agreed upon.
When offers are beginning to come in, prepare yourself to have a serious discussion with your partner, divorce solicitor, and an agent. If disputes are made about whether to accept or decline particular offers, then get advice from your solicitor and estate agent.
Dividing the Profit
When the house is sold, you will split the monies/proceeds between you both in accordance with the agreement you have both reached. If, however you are both still not in agreement as to how to divide the sale proceeds then the sale monies will be held by the solicitors dealing with the sale in their bank account until such time that you have an agreement. The reason for this is to prevent one party from taking more than they are entitled to. Just because you hold a property in equal shares as joint owners does not mean in family law that you are entitled to that half. You may in fact be entitled to more or less depending upon a number of other factors. For this reason, no monies are released unless an agreement has been reached. You should therefore both use the time whilst the house is on the market to really try and negotiate a settlement through divorce solicitors. If this is not possible then court proceedings must be started.
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