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Selling a home during a divorce

On Behalf of | Mar 18, 2019 | Residential Real Estate

Many divorcing people in Delaware often wonder what to do with the marital home. One option is for someone to buy out his or her spouse and keep the home for him or herself, which is sometimes done to maintain stability for children. Another popular solution is for both parties to agree to sell the home and divide the proceeds. Regardless of what decision is made, the most important step is for both soon-to-be-ex-spouses to get on the same page, which is something that’s sometimes easier said than done.

Selling residential real estate after a divorce can present several advantages for splitting couples. For starters, proceeds from the sale can allow both people to invest in new homes while also being able to move on faster. Also, the profits from a sale could ease the burden of other joint obligations that may still exist post-divorce, such as joint credit card or student loan debt.

When prepping a house to sell, couples are typically advised to make the home look like a family home. The reason for doing so is to avoid tipping off potential buyers who may be tempted to take advantage of the situation. A carefully selected real estate agent familiar with a separating couple’s situation is often able to offer advice on when both parties should consider a reasonable offer.

When it comes to dividing the profits from a home sale during a divorce, an attorney familiar with residential real estate may attempt to determine the most appropriate way to split the proceeds. This process is usually based on specific state guidelines that apply to joint assets, which is what money from the sale of a home is considered to be. If a prenuptial agreement existed, it may be used to determine who gets what when a home is sold if such language was included.