Selling Your Home During a Divorce

Divorce may be one of the most difficult life changes you’ll ever experience. And one of the toughest aspects of divorce is having to make important financial decisions, like selling your home, while going through an extremely emotional period of your life.

However, many people do sell their homes during this tumultuous transition, and if you’re, unfortunately, among that group of people, we at Ann Milton Realty would like to offer you some words of wisdom (as well as a helping hand). Selling a home is a business decision. Even though emotions may be running on high, you’ve got to find a way to distance yourself, to think with your brain, not your heart, and to make decisions that are truly best for you.

Here’s how to sell a home during a divorce.

Tips for Selling a Home During Divorce

Don't be emotional

We’ll say it again: think with your brain, not your heart! Yes, divorce is tough. Yes, it’s emotional. Yes, it’s frustrating and aggravating and a whole bunch of other things all rolled into one. What’s more, divorce can also be financially devastating, especially if you’re not making smart, logical choices. A home is likely your largest asset, so decisions regarding its sale should not be treated lightly.

Too many divorcees, out of anger or hurt or revenge, will sabotage their house or belongings to spite their partner. Remember, this kind of behavior will only hurt you in the long run!

Sell for the right reasons

One of the first unemotional steps to take when selling during divorce is to question why you’re selling in the first place. Are you selling for judge-ordered reasons? Because you can no longer afford the home on a single income? Are you looking to liquidate some assets to cover the costs of legal fees? Or are you selling for purely emotional reasons?

Before you put the hard work and time into selling a home (especially at a time when you’re already busy and distracted) make sure you are not simply selling to separate yourself from memories or to spite your partner.

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Try to work things out amicably

The house and everything within it will need to be divided up. If it’s possible to sit down and work this out with your partner in a fair and amicable fashion, we’d recommend doing this, rather than involving lawyers or another third party. Being able to fairly choose your assets will make the whole process go more smoothly.

Get everything in writing

Even if your split is fairly amicable, it’s still advisable to get everything in writing, just in case. Miscommunications or misunderstandings can quickly turn into hurt feelings or anger, turning a level-headed separation into an angry divorce.

Make sure to include things such as how the mortgage will be paid until the home is sold, how the equity from the sale will be split, and who will be keeping various furniture or other items within the house.

Don't forget capital gains

Many sellers will wait until after their divorce is finalized to tackle their home sale, but it might actually be advisable to sell first, while you’re legally still married. Capital gains tax is the main reason for this. As a married couple, you’re able to exclude up to $500,000 in profits from your taxes. Once you’re separated, that number drops down to just $250,000.

Always work with an experienced Realtor

The single most important thing you can do during this stressful, emotional, and confusing time? Have a professional on your side you can trust! If you’re juggling divorce and relocation at the same time, selling your home might not seem like the most important thing on your plate. But you don’t want the sale of such a valuable asset to take a back burner either. This is where your agent can step in to take the reins. A good agent can handle communications, scheduling, and negotiations, and can also provide invaluable advice on addressing specific aspects of the transaction.

If possible, try to work with your partner to choose your agent so they don’t feel they’re being undermined, or worse, try to bring their own agent into the game. Find a local agent experienced in selling homes in your area with the necessary patience and communication skills to handle the additional stress and turmoil that come with selling during divorce.

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Searching for a Triangle Agent Experienced with Selling During Divorce?

If you’re looking for an agent who can help you get your home sold with your sanity (mostly) intact, Ann Milton Realty is here for you. We know you’re going through a rough time, so we want to help you out by taking some of the work off your plate. Let us know your story, and we’ll let you know all the ways we can help you out. Because you shouldn’t have to worry about selling a home right now!