Although estimates differ depending on who is asked, 40 to 50 percent of all American marriages end in divorce. That’s a statistic to take to heart when you stay awake and wonder “What happened?”
But now is not the time to dwell on the past, but to deal with what’s currently happening. As painful as it may be separating the marriage assets in preparation for the divorce is one of the toughest aspects of divorce and a basic 50/50 split won’t do it.
In 2021 it is critical to have both Real Estate and Loan Professionals who are trained in Divorce to consult with your Legal and Financial teams before any agreements are finalized. Divorce-trained professionals can contribute to a holistic evaluation of family law, financial and tax planning, real property and loan planning so that you can move forward to a better future.
There are several options as to what to do with the house when couples split up. The most common among these include:One party keeps the home by buying the other’s share (often with a new loan).
One party retains occupancy of the home temporarily.
The house is sold and the proceeds split between the parties, according to their agreement.
It is crucial to know who is currently on the title to the property, what is the home’s value, what is the outstanding loan amount, what are the maintenance and projected repair expenses, property taxes and new insurance costs and tax implications of a sale. Depending on the divorce agreement what can each spouse qualify for on a loan and what does it cost to live in areas selected by each spouse? Divorce trained Real Estate and Loan professionals can run hypothetical scenarios to properly evaluate the financial options before a decision is reached.
Without this thorough evaluation it is too easy to decide to keep the house for emotional considerations and then it becomes a financial burden that leads to a very bad outcome. A woman I know recently told me she wishes she had Divorce Trained professionals at the time of her Divorce. She did not have a realistic view of the maintenance and repairs expenses which in the end overwhelmed her finances and caused her to lose the house. It has taken her years to recover.
Divorce professionals who work collaboratively with other trained professionals also have their tested resources for therapists, custody advisers, divorce coaches, insurance and tax professionals to develop a plan that works for you.
If you have decided to sell your home here is some insight to the process.
Listing process
Every aspect of the listing must be a joint agreement, from decisions on preparation to setting an asking price. A Divorce-trained Realtor is tasked with being neutral and helping you both find a balance to make the most informed decisions for the best outcome which is easier said than done at this point in the marriage. While it may seem impossible to come to a meeting of the minds what I will do is arm both of you with the information that may help you get there.
I will tour the home deciding what I recommend should be done to prepare it. I’ll add this to my overall evaluation and research to come up with an attractive yet aggressive list price for the home. This is the part of the process where despite the memories the home holds, despite the dreams that may be lost at this point, you’ll need to also divorce yourself from your emotions wrapped up in it.
This will help the two of you be open to my advice on a plan to sell the home quickly and for top dollar.
Marketing process
I won’t tell other agents or prospective buyers why you’re selling your home so if you want them to know about the divorce, you’ll need to give us permission to discuss it.
Living in a home that’s for sale is challenging to almost everyone so when there is discord in the house it becomes even more difficult. Keeping the house “show-ready” is tough for most families especially when there are last-minute requests to view the home but these should be expected and accommodated where possible.
Receiving Offers
Evaluating offers is probably the most challenging part of the process. It is common to think price is the main consideration but terms can be just as important. A buyer’s qualifications for a loan, time frames for contingencies and inspections plus their flexibility for when they want to take possession are some of the terms that most come in to play.
However an offer cannot be accepted unless the two of you are in agreement. If you can agree in advance to put your differences aside during this phase of the sale process it will go a long way toward a successful outcome.
Dividing the proceeds
It is important that you and your lawyers have reached a decision on how to divide the proceeds from the sale before we list the property. When an offer is accepted I will submit these instructions to the Escrow company for you both to confirm. At closing the funds will be disbursement according to these instructions.
I understand the challenges you face. It’s our goal to make the process as easy on both of you as possible. I have created an eBook to help outline the process that you can download here:
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Senior Real Estate Specialist Certified Divorce Real Expert
Certified Probate Expert Real Estate Collaboration Specialist
SRES, CDRE, RCSD, CPE, CPRES
