While divorce rates appear to be slowing slightly in America, it is still a major social challenge, with statistics such as those from Survive Divorce indicating that millions of Americans get divorced every year. Divorce is a difficult enough process under the best of circumstances, but it can be even more complicated if you are trying to sell your home as a result of the divorce. This adds a major degree of stress and a burden to everyone involved. As such, here are three things you should know when it comes to selling a home during a divorce.
Don’t Advertise Your Situation
It can be tempting to become friendly with someone interested in your home or discuss the issue publicly, but if you can, don’t advertise that you are selling the home because of a divorce. Someone who is interested in buying it may then assume that you are eager or desperate to sell the home and may thus offer you a lower amount of money than you actually deserve. As such, it is important that you keep the reason that you are selling the home as close to the vest as possible. According to House Cashin, it’s also important to make sure that you get your house appraised so that you know how much you deserve for your home and don’t get ripped off.
Make sure you fully understand the local and state laws surrounding the disposal of the property when you are in the middle of a divorce. According to James A. Jackson, some states such as California are community property states, and couples going through a divorce must split the liquid assets from a home sale equally. Other states have no such laws, thus leaving it possible that other circumstances could determine who gets what money, such as a court order or the amount of income that each couple makes.
Talk With Your Lawyer
Above all else, make sure you discuss the issue with your attorney. You don’t want to spend a dime on repairs for your home, or potentially receive any money from the sale, without first reviewing it with a legal professional. You need to make sure that everything you are doing is in line with any existing legal arrangements and confirm that you aren’t inadvertently doing anything that can put your soon-to-be-ex-spouse in a better legal position at a later date.
Divorce can be a hard, painful situation. Selling major assets—like a house—can only add to that complication and pain. That’s why it is so important that you move carefully and in consultation with the experts. Doing so can help smooth out the process and get you the most money possible.