Should You Sell Your Home During a Divorce?
Just as buying a house is one major milestone in one’s life, so is marriage. Some marriages last a lifetime, but some crash and burn. And just as marriages take a lot of work, so is divorce. It is one of the most stressful and emotionally charged life events one can experience. When going through a divorce, it is important to remain rational as you will be dealing with a lot of things during the process.
One of the things that come to mind during a divorce is whether or not you should sell the marital home. For many couples, a home is one of the most valuable joint assets and obviously carries many emotional ties as well. Should you sell your home during a divorce? There are many emotional, financial and other considerations to think about when deciding whether to keep the house.
In many divorce cases, one will keep the home, buying out the other’s share. And in other cases, the situation demands that marital home should be sold and the equity, if there is any, is split between the couple. Other times, the spouse occupies the house for a specific period until such time the house can be sold. Whatever situation you are in, it is important to determine if you will be selling your home during your divorce in Greenville. Selling a home and getting divorced is not an easy process and should be thought through carefully.
How are Assets Divided During Divorce in Greenville, SC
When you bought your home each of you contributed to its purchase. During a divorce, it is typical that you’d want your fair share if both parties have agreed to sell the marital home. Many ask how are assets divided especially if the family home is sold.
In Greenville and the rest of South Carolina, marital assets are divided based on the theory of equitable distribution. Meaning, the marital assets are not an automatic 50/50 split. In most long marriages, the split will not be far from 50/50. In shorter marriages, it is more likely to depend on a number of factors including overall debts and assets, the current financial state, and what the current earning potential is of each spouse.
South Carolina is an “equitable division state,” unlike other states where marital assets are recognized as “community property ” or what we know as the equal division of marital assets. In Greenville and the rest of South Carolina, most of the marital property is considered “separate property” or assets acquired before marriage or after separation of the spouses. It does not matter who the property is titled to. All that matters is whether the property is marital or non-marital. It is best to consult with a Greenville attorney who has family court experience to figure out how the split will be in your divorce. While no lawyer can say with certainty how the property will be split, an experienced lawyer can give you an idea of what to expect.
How to Sell Your Home During A Divorce
The marital home is usually the greatest asset in a marriage, yet it is also the greatest liability. It is important that divorcing couples should handle the sale of the marital home in a businesslike manner. Selling a home during a divorce is much like selling real estate any other time, except that before even starting the sale process, it is important that both parties have already agreed on a settlement executed by your attorney or financial advisor. This agreement should specify who is financially responsible for the mortgage, homeowner’s insurance, utilities, upkeep, and any additional expenses.
Hiring a real estate agent
Choosing the right real estate professional is important. While it’s fine to sell a house without an agent, it’s not recommended to hire a real estate agent when you’re in the middle of a divorce. A real estate professional can provide you with step by step guidance. Follow his or her advice and be willing to compromise a little. The faster your home is sold, the faster you can move on with your lives.
Determining Property Value
There are several common valuation methods available to determine the value of your home. They may differ from what you perceive as your home’s worth. Take your real estate agent’s advice about your asking price—that’s one of the main reasons you’re using an expert.
Preparing Your Home for Sale
Getting the house ready can be the most difficult part of the sale process. Sometimes there’s some work that needs to be done including cosmetic or major repairs such as painting, flooring, appliances, landscaping, etc. before the house is ready to be shown. It is important that things like who is going to cover for the repairs or who will get the clutter out of the way before showing the home are included in the settlement agreement. Knowing who is responsible will help speed up the process and get the maximum value of the home.