During a divorce, there are many things for the former couple to decide and agree on. Unfortunately, what used to be a life of a couple will be split into two again, and the first thing to think about is where each party will live after the separation. The issue is compounded if there are kids to consider and if the home was purchased by the couple during the marriage thus making it marital property under the laws of the State of New Jersey.
Reasons for Selling
The decision to sell the family home comes because of some possible reasons. First is the matter of money. One party might decide to stay if he or she can afford to pay the other for their part of the marital home. This is not always the case, especially with all the other bills the newly separated individual has to start paying again. This is a sad situation, of course, for kids who have grown up in this home because they have to be uprooted. But hopefully, money from selling home will allow the divorcing parents to provide smaller but still roomy homes for when the kids are staying over.
The second reason why soon-to-be-divorced couples decide to sell the home would be the bad memories. If the divorce is not amicable, it is undoubtedly painful to be reminded of the other every single day. After the events, each party gets a clean break and can start anew, and a huge part of that is doing it in a new place.
Make the Decision to Sell
Former couples who cannot go through a conversation without arguing will find this particularly difficult. There has to be a clear and solid decision from both parties to sell the family home . If one has the desire to live there alone or with the kids, he or she should be given the time to figure out financially how to afford it. All options should be explored so that there are no regrets or anger at each other for selling the house. This might take time, and the former couple should give each other the time to decide their next steps, especially when there are kids involved.
Be Clear on What Each Party Stands to Gain
Each party will have to rebuild their lives after the separation, and this is why knowing how much they will get from selling the house is important. You will not know exactly how much the final price will be, but to avoid confusion, it is important to make a list of the expenses (including repairs) and other costs that will have to be deducted from the final sale. This includes the mortgage, any other equity lines or mortgages on the property. You should also speak to an accountant to see if you will also need to pay capital gains tax on the sale.
Get a Realtor
Some people think they do not really require the services of a real estate agent to sell their property, but for a divorcing couple, it is a must. This is because they have a lot of other things to settle due to the separation. And the hard work of finding someone to buy their family home will be too much, not to mention unnecessary. Of course, for some, even just deciding on the Realtor will be tough, but finding a neutral one that both parties agree to is a huge step towards finally putting the house on the market. During a divorce is a bad time to use a relative as they might take sides between the former couple and thus delay the selling process.
Set An Asking Price
Once a real estate agent is on board to help sell the property, the hired realtor needs to sit down with the former pair and agree on an asking price. The beginning amount can be suggested by the real estate expert, who has the best knowledge of the market and the appropriate price for a similar home in the neighborhood. Having this number will also eliminate any misunderstandings in the future.
Clear the Home and Get a Stager
Having your old photos as a couple still on display can be awkward for prospective buyers. While selling a home is best when it is not empty, discuss what to do with existing personal items before inviting people to come. A home stager can then fill the property with furniture to make it homey and beautiful.
Leave the Viewing to the Agent
While you might have an interest in knowing who wants to buy your house, meddling with the viewing can only make it strange and awkward to the interested buyers. Not only would you have to explain your former life there, but you will also avoid many uncomfortable questions. Your real estate agent is more than qualified to do this alone.
Accept A Good Offer
As long as the house is on the market, the longer you will have to deal with selling the family home, which includes working with your ex and being reminded of your former life together.
Aim to start anew as quickly as possible by not holding out for an offer that may be unreachable. With the constant supply & demand of the housing market, you can never really be sure whether waiting for other offers will pay off. When you get a decent offer that is close enough to your asking price, it’s better just to accept it and close the deal.
The sad reality is, many divorcing couples use the sale of the family home as a way to get back to their ex. What they do not realize is the longer they make it drag, the longer it takes for them to start over with their lives and for the kids to get adjusted to their new reality.
Selling the home during a divorce can still be a positive experience, provided both parties remain mature and look forward to enjoying what they will gain and move forward with their lives.