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Selling House Before or After Divorce is Final?
Wednesday, March 18, 2015
A house can be a sticky item in any divorce. Especially if you have been living with your spouse in the same house for many years, a house can represent more than just a home. It is a familiar setting, a place where friends and extended family come to visit and you have become quite fond of the nice elderly couple who lives next door. In short, it is difficult to move out of a house that you have gotten used to returning to every day after work. Even if you and your spouse cannot stand each other anymore, it is also the place where your children live; consequently, trying to figure out when to sell a house, before or after a divorce, is never an easy decision. Here are a few things to consider that might help you to effectively work through this issue.Should I Sell My House After the Divorce?
Selling your house after the divorce will inevitably involve a bit of risk on both parties. Assuming that the court will split the amount obtained for the house equally between both parties in a divorce, such a maneuver is, in theory, not such a bad idea. On the other hand, since you do not know how a judge will necessarily rule on the matter, you may find yourself getting less of a share of the acquired funds from the sale of the house than you anticipated. For example, if there are children involved in the divorce, the court may favor the spouse that ends up with custody of the children; consequently, that spouse may end up with a greater percentage of the sale amount. Other factors that could work against an equal split are as follows:Your spouse is disabled
The Better Option
- Your spouse is a stay-at-home parent
- You are currently in Jail
It is prudent to tell yourself, "Sell my house
before the divorce." This means that you and your spouse will have to make an effort to work together in order to get the house sold before hand. In fact, if at all possible, it is perhaps best to agree to not begin divorce proceedings until after the house is sold. This will provide ample time to sell the home for the asking price that you would like to obtain. Each person with a stake in the house can get an equal payment of funds delegated straight to them through escrow to avoid any fear of mishandling of funds. Alternatively, if the courts force the sale, you may not be able to get the price the home is worth in a timely fashion. In addition, if either spouse would like to retain the house, attempting to shift assets before a divorce is always better than trying to do so afterwards. It all depends on what a couple is trying to achieve. Another problem you avoid by selling before a divorce is that neither party's attorney is tempted to use the house as a leverage point in the divorce.Conclusion
While a divorce is rarely pleasant, selling your house before a divorce is generally the better option. A major factor that people often overlook is that it is easier on both parties if they are not stuck living in the house that will be ordered to be sold by the court. Doing what you can to resolve major issues before a divorce will save both parties time and money and help to resolve the whole ordeal amicably.