Every divorce is different. However, one problem common to many divorces is the issue of which spouse will own the marital home once the divorce is final. In many divorces, the home is the most valuable asset of the community.
Selling the marital home may prove beneficial if the following occurs:
Neither party can buy out the other. Keep in mind that a buyout is essentially the sale of the house from one spouse to another. An appraiser is used to determine the market value of the house. Buyouts can also create issues concerning the transfer of title and loan;Neither party can afford the mortgage payments alone;The real estate market favors sellers;Both parties want a clean break; orThe divorce is relatively amicable.
Selling the marital home and dividing the proceeds requires spouses to work together, and therefore also requires a relatively amicable divorce. Moreover, the following steps will need to be taken:
Choose a realtor. This is the first step and is one that can derail the process. Often, the simplest solution is to use the realtor you used to purchase the home.Decide on an asking price. Because the decision to sell the marital home is often driven by finances, the sale price must make sense for both parties.Prepare the home for sale. This can be a huge burden depending on the condition of the home. In addition to repairs, there may be furniture that needs to be removed or staging that needs to take place. It may be fair that one party is compensated for the work completed in getting the home ready to be placed on the market.Determine a price reduction. It is important to think about what will happen if the sale does not go exactly as planned.Accept an offer price.
Another consideration in deciding to sell the marital home is the expenses associated with the sale, which include the following:
Paying off the mortgage;Paying off any equity line or second mortgage;Broker fees; andCapital gain taxes, if applicable.
Contact a San Jose Divorce Attorney
If you are considering a divorce and have questions about the process, a knowledgeable family law attorney can help. Contact an experienced and proven San Jose, CA divorce lawyer at Dominion Law Group, LLP today at 408-288-5592 to schedule your initial consultation.