Feb 92 min
Updated: Feb 10
According to the Financial Divorce Association, around 70% of divorces in the United States involve real estate as a significant marital asset. When navigating the complexities of divorce, one of the critical questions is how to handle the family home. In reality, there are three primary options since physically dividing the house isn't a practical solution.
The first option involves selling the house and dividing the proceeds. Another approach is one spouse buying out the other, allowing for a smoother transition. Alternatively, both spouses can retain joint ownership on the deed, with the option to sell at a later date. When neither spouse can or wants to remain in the marital home, the recommendation is to list it on the market, recognizing the potential challenges, especially for children during this sensitive time.
For those emotionally tied to the home or when one parent aims to maintain stability for the children, an equity buyout is an option. In such cases, one spouse releases their interest in the house for a cash settlement. Sometimes, neither selling nor buying out makes sense, leading to a co-ownership arrangement for a predetermined period, resembling a business relationship.
The family home often represents the most substantial marital asset. Understanding the nuances of divorce involving real estate is crucial. It requires assembling a professional divorce team well-versed in divorce law, IRS tax law, mortgage financing, and real estate. Although these aspects are interconnected, they each contribute to the complexity of the divorce process, impacting individuals' lives financially, emotionally, physically, and legally.
Having personally navigated the challenges of divorce and assisted numerous clients in smoothly closing on their homes, I bring a compassionate and professional approach to this sensitive process. My goal is to not only ensure a quick and easy transaction but also to provide support during this emotionally charged time.
One of the initial challenges that many married couples face when dealing with a realtor is the decision-making process. Determining who selects the realtor can be a point of contention, as neither party typically wants the other to make the choice, especially if the selected realtor has a connection with the opposing side.
This is where I step in – to navigate between both parties, comprehending both the real estate process and the complexities of divorce. I maintain a neutral stance, having no personal ties with either side, and proceed forward in alignment with both parties, remaining unbiased throughout the journey.
I've encountered situations where one party had protective orders against the other, involving court-ordered sales, restraining orders, and more. In such cases, there are several initial steps that unfold. The process often involves one party moving out, searching for a suitable rental, arranging storage solutions, and addressing considerations like the children's new school arrangements. It's a complex and challenging journey, and my experience enables me to guide clients through these intricate aspects with care and expertise.
AMANDA ALLEN, REALTOR
GRI-SFC-MRP
(903) 603-0648