What you do with the family home in divorce can be a major pain point. That is why, in some cases, divorcing couples figure that selling the home and dividing the proceeds will be the easier route, rather than trying to negotiate who keeps the house.
However, there are many, many steps that North Carolina homeowners must take to prepare to sell their house. In a divorce, this process can seem almost overwhelming. How should you approach this path?
4 steps to guide you
Selling the house is a much more involved process than simply listing it on the market, as you may know. Navigating this during the process of divorce will require you to take great care, and it will help to:
- Determine your goal in the sale: How much time, money and effort are you willing to invest in your home to get it ready to put on the market? Are you seeking top dollar or just a fair deal? These are critical questions to answer. You and your spouse will also divide the finances you invest in preparing the home for sale, but you must agree on your end goal before moving forward.
- Prepare your home: Once you and your spouse have established your goal for the sale, then you can put your plan into action. You must review all of the steps involved in the process of selling a house and prepare your strategy. Evaluate the local real estate market, fulfill the renovations or work needed that aligns with your goals – and say your goodbyes to the home that served your family well.
- Plan how you will communicate: Regardless of your goal, selling your home can be even more difficult if you and your spouse do not exactly get along. Since you will have to agree on how you handle the home throughout the preparation, showing and closing procedures, you will have to maintain some level of communication. It will be beneficial to establish rules of how you will communicate – during the sale and the process of your divorce as a whole.
- Calculate how you will divide the profits: On top of the various steps to sell your home, the process of dividing the proceeds from the sale remains. You must divide these proceeds equitably, which will require a careful consideration and calculation.
While selling your home is a real estate matter, your divorce is an intensely personal family law matter. Working with an experienced attorney can help you manage significant marital assets and protect your rights.