Selling Your Home During a Divorce

While everyone hopes to have an amicable divorce, the cold, hard truth is that most divorces are not amicable, and some even get ugly. When it comes to the dissolution of marriage, a great deal is at stake for both parties, and one of the biggest assets that must be “split” is the couple’s home. The ideal situation is to agree on a solution mutually, such as selling the home and splitting the profit, but, unfortunately, that is rarely what happens during a divorce. The home is usually fought over tooth and nail, and if you hope to keep your home once you are divorced, then you need the assistance of an experienced divorce lawyer. Hiring a divorce attorney is crucial in getting what you are entitled to if your marriage fails.

Valuating Your Home as Part of the Divorce

If you decide to sell your house during your divorce, there are some basic pieces of information you should know ahead of time. The single most important factor in selling your home is to know how much it is worth. In order to do this, you can pull comparable listings and sales in your area. Look at every similar home that was or is listed in the same neighborhood over the past six months. The list should contain homes within a half of a mile of yours unless there are only a few listings in that area. You should pay attention to neighborhood divide lines and physical barriers such as interstates, railroads, large buildings, etc. You should compare similar square footage, within 10%, of your property, and also check out homes of a similar age to your home in an effort to establish the current market value of your home.

It is also recommended that you pull the history of expired and withdrawn listings of homes in your area and find out why they were pulled from the market and whether or not they were relisted. Compare the original list price to the final sales price to determine price reductions, and compare final sales price to actual sold price to determine ratios. If this all sounds very confusing, hiring a realtor to handle all of this for you may be well worth the money. There are quite a few intricate details in determining how much a home is worth, and it is best to have a knowledgeable real estate agent on your side.

Get Out of the House Before Your Divorce is Final

If both parties agree, it is best to try and sell the house before the divorce is final. Otherwise, it is better to have both parties relocate and then put the house on the market. That way, you don’t run the risk having one spouse trying to sabotage the sale, whether intentional or not. Keep in mind that you are still responsible for the mortgage payments during this process.

Having the house empty also means that you’ve finished with dividing the remaining furniture and personal affects. This can be helpful to you and your spouse emotionally. Plus, it will make it easier for potential home buyers to imagine their own furnishings, which will hopefully get your house sold sooner.

If you live in the Jersey City area of New Jersey and are in need of a divorce lawyer, please visit the website of New Jersey divorce lawyer Anthony Carbone, P.C. today to learn more or to find out how to schedule an initial consultation.

If you live in the Jersey City area of New Jersey and are in need of a divorce lawyer, please visit the website of New Jersey divorce lawyer Anthony Carbone, P.C. today to learn more or to find out how to schedule an initial consultation.

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