Despite the fact that a divorce can split a family apart and result in costly and complex litigation, it is sometimes unavoidable. If you and your spouse have decided to divorce in Spartanburg, you may be dealing with complicated issues such as deciding who will continue to live on shared property.
When one is divorcing, it is also common to want to sell the family home.
3 Steps to Sell a Home During Divorce in South Carolina
Selling a home during divorce in Spartanburg is just like selling a house at any time. Here are some things to keep in mind to make the process less of a headache:
1. Your and your spouse should be on the same page
When it comes to deciding whether to sell your house during a divorce, make sure that you both agree that it is the best option. Keep the lines of communication open and be direct about expectations when emotions are running high to ease the process. Selling a house can be difficult for divorcing couples, but it can be financially and emotionally liberating. After a trying time, selling your home can give you a clean slate and a chance to start fresh.
On the other hand, you or your spouse may think that selling is not the best option. This is especially the case when you have children. You might not want to uproot the children from their home, especially it involves many happy memories. In that case, you and your spouse might come to an agreement that one of you will stay with the kids. Another option is to co-own the home, that is, payments can be made over time while both of you keep an interest in the property.
2. Decide when to sell the house
If you sell your home before you divorce, each spouse is likely to receive an equitable share of the profits. In other words, neither of you may have to sacrifice something else in order to keep the house.
You may choose to sell during the divorce proceedings. Ideally, you should work with an agent you both trust in such situations. You’ll need to decide a fair price and how profits will be split. Alternatively, you can choose to sell fast to a cash home buyer so you can receive the money as soon as possible.
Selling after the divorce means you have one less thing to worry about during the proceedings. However, you’ll still have to figure out who gets the house.
3. Divide the profit
Once the house is sold, it now comes to the fun part—figuring out how to split the profits.
It doesn’t always translate into a 50/50 split. One spouse may be awarded more from the sale if they contributed more to the mortgage or financial upkeep during the marriage.
Conversely, if one spouse retains more assets, they may take less of the profit from the home sale. When selling your home, an attorney can help you make an equitable decision. If you and your spouse still don’t agree, you can turn to the court to decide for you.
Almost always, going through a divorce will be stressful and can cause a great deal of anxiety. The financial strain of divorce can be as devastating as the emotional stress.
As a result, it would make sense that dividing up assets such as the marital home is one of the most stressful aspects of any divorce. We hope these tips could help you navigate a tough situation like this.
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