CHAPTER 15 Home Sales When Divorce is Involved
Among the stressors of going through a marital breakup and divorce is often the sale of the family home, typically the largest marital asset. This can evoke tremendous emotion: sadness, anger, sentiment, and disappointment, to name some. The combination of the divorce itself with the stress of selling the family home requires patience, diligence, and personal strength. With the help of seasoned, experienced professionals — such as attorneys and real estate agents — divorcing couples can successfully navigate this challenging phase of their lives and move on to their future. Questions involved in selling your home during a divorce include what needs to be done to ensure a quick and profitable sale? Who will choose the Realtor®? When is the best time to list a home? Who bears the financial responsibilities of the sale? You can proactively allay your fears and clear up misconceptions by doing your due diligence and researching what to expect throughout the selling process. Decisions regarding the family home aren’t only emotional, but also mired in legal maneuvers and decisions. Divorce laws vary from state to state, so your licensed legal counsel is your best source of information on how to protect both parties’ interests. Because the house is often a couple’s most valuable joint asset, it may have to be sold in order to equally distribute the marital worth between the two spouses. You should understand the relationship and difference between a mortgage deed and a 123
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