CHAPTER 3 Marital Settlement Agreement eement
One of the most productive methods for couples to move forward with a divorce and on with their lives is to disconnect emotionally and handle the sale of the home in a businesslike manner. Because the marital home is usually the greatest asset in a marriage, it is also the greatest liability. You must give a lot of serious thought to securing settlement terms that protect both parties, especially the spouse who is departing the home. When you enter into your marital settlement agreement, your lawyer should specify who is financially responsible for the mortgage, the homeowners insurance, utilities, and upkeep of the marital home. If the spouse occupying the marital home is responsible for listing, showing, and selling the home, the other spouse may be obligated to pay part or all of the mortgage, as well as contribute to the upkeep of the home. If the occupying spouse shows little effort in getting the house sold, the marital agreement should provide a timetable for the sale of the home. It is important for the marital agreement to include provisions outlining the steps to be taken if the house cannot be sold within a specified time or if one spouse fails to meet any financial obligations. Please consult your Realtor on steps to list the home in a reasaonble time frame and at a reasonable price. Your attorney and the judge for your case are NOT real estate experts. Your home may need repairs for the buyer to obtain a mortgage. If the home is in need of significant updates or repairs, this will limit the pool of buyers in the marketplace. You can set any price you want of the listing but the buyers out in the marketplace determine the eventual selling price by comparing your home with others they have viewed. If a buyer is obtaining a mortgage, the lender will not allow them 14
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