Will getting divorced affect selling my home?
Yes, getting divorced can affect selling your home. For years we have heard the statistic that 50% of marriages end in divorce. Some recent reports show that percentage is going down, which is certainly something to celebrate.
However, if you do find yourself in the group of people whose marriage does not work out for some reason or another, there are several things to know, should part of the process include selling a house.
The main question to ask is, “In what part of the divorce process should you sell your home?” This is extremely important. A divorce is a legal proceeding. Most, if not all, property that people own are potentially affected by and governed by the outcome of the divorce.
If a divorce has not yet been filed, the spouses can sell the property and divide the proceeds as they see fit. If a divorce is finalized, there is a settlement agreement between the parties. The settlement agreement is affirmed by the court and must be followed.
If a divorce has been filed, but is not finalized, the parties and their attorneys must approve the sale of the property and the division of the proceeds. In some instances this cannot be done during the time of the sale contract. One or both of the divorce attorneys may hold the proceeds from the sale in their escrow account after the sale and until an agreement has been reached.
If you have further questions on how you can sell your home while getting divorced, feel free to contact us!