Three Tips to Ease Stress When Selling a Home During a Divorce

Date: March 14, 2017

As if selling a home is not already a stressful situation, some people must go through the process at the same time they also are going through a divorce. In addition to potentially heated discussions about who should get what belongings and who should have custody of children and pets, couples that are divorcing also must decide what to do with the home that they have built memories in and shared throughout their marriage.

Couples going through a divorce may choose to do various things with the home they own together:

• One partner may buy out the other partner and assume sole ownership.
• They may choose to split the house into two apartments and coexist.
• Divorcing couples may choose to share the home and collect rent.
• Finally, they may decide to sell the house and split the profits.

Of course, each one of these options is dependent upon how amicable the divorcing couple is and what their financial situation may be. In any case, however difficult it may be to deal with a home during a divorce, both parties need to be actively involved in the decision-making process.

Here are three tips for easing some stress when selling a home and going through a divorce:

1. Consider all possible impacts.

If you are going through a divorce and preparing to sell your home, it is important to think about how the home sale may affect everything involved. This may include any children, pets, jobs, friends or neighbors that you have made a connection with during homeownership. This also could include your credit score, if your home sale does not cover the entire cost of your mortgage or if you have multiple addresses listed at once. Selling your home may mean that you are uprooting the entire family, but it also means that everyone will get a clean break, which could be much-needed for a healthy transition.

2. Find a neutral real estate agent.

Maybe the real estate agent who first sold you and your partner your home was a mutual friend or family member. If this is the case, it may be time to bring in a third party, who will not have any emotional attachment to either partner in the divorce. A trusted, neutral real estate agent will be able offer valuable advice on when to list your home, where to set the price and how to best market the home to reduce stress during the sales process. From listing to showing to negotiating to closing, a trusted real estate agent may be a needed constant for both parties during an already-difficult time.

3. Realize that it is not just about profits.

Recognizing profits when selling a home during a divorce may seem like a bright spot in an otherwise bleak process. That may be true; but, it is important to realize that there are certain fees involved in the selling process. For example, in any home sale, the mortgage must first be paid in full. Also, attorneys, real estate agents, taxes, which may include a capital gains tax, and other closing costs may also come into play. Once all of those fees are paid in full, divorcing couples typically are able to split any remaining profits in half. However, that amount could vary based on pre-existing agreements that may be arranged to settle other outstanding debts.

Going through a divorce is hard enough without having to worry about how to sell a home during the process. If you and your partner have found yourself in the uncomfortable situation of selling your home during a divorce, let one of our trusted, professional real estate agents help.