An Important Asset
If you have decided to sell your family home in the divorce, you have a lot to consider. For many, the family home is a high-value asset and one that has significant emotional value as well. Real estate is also a very complex type of asset to divide in a divorce, especially when it is attached to a mortgage. Here are a few tips on what to do before you sell your home in a divorce.
Get your home appraised. If you are selling your home in the divorce, you will want to get the best price you can get, so get at least one professional real estate appraisal. Also, talk with a few listing agencies in your area to get a better idea of how competitive your house will be. This can come in handy when considering offers down the road.
Next, make sure you have an agreement on the guidelines for the sale in writing. How low of an offer are you both willing to accept? Who will handle the staging and showings? Who will handle repairs and maintenance?
Do you know what will happen if the house doesn’t sell before your divorce finalizes? Do you have a contingency plan? Will the sale affect your taxes? The answers to these questions can all be included as part of your property division agreement in your separation agreement. Putting the work in now to agree on these matters will make the sale of your house easier.
Plan for now and for later. I’ve seen too many couples agree to sell their family home after the divorce when the market is optimal or when the children move out. This is a great option, but don’t put off all the important decision making until that point down the road. Sit down with a divorce mediator and negotiate a detailed agreement over the terms of the sale. To get the best price for your home, you will need to work as a team to combine your efforts. The best way to ensure you can do this easily is to work out an agreement beforehand. A mediator can help you negotiate an agreement on the sale of your home and connect you with professionals who can appraise your home.
If you have questions about selling your home in your divorce, Mediation Advantage Services can help you. Law Office of Polly Tatum is experienced in divorce mediation and can help you and your spouse negotiate an agreement on the sell of this very important asset. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office at (508) 466-4734, fill out our online form, or email us at [email protected] today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.