Assess Real Estate While Getting A Divorce: Should You Sell Now Or Later?

Whether they have been married for a couple of years or multiple decades, many couples count their home as their biggest asset. Hundreds of hours of work may have been put into the house, not to mention all the money that has been put into fixing up the house and even performing maintenance on it. Your real estate attorney can help you assess the marital residence and decide the best steps to take to ensure that your best interests are honored. Should you sell now or later? Well, that depends. Here are the top considerations as you make this important decision.

Deciding Upon a Distress Sell

When you are selling your property in the midst of a divorce battle, keep in mind that realtors often consider this a distress sell. You don't get the most money for your property during a distress call. If you have one or more mortgages, you may find yourself owing more to the bank than you are able to get for your home. If you really need to get rid of the property right away for personal or financial reasons, then it may be in your best interests, but that may not be the case.

Considering The Buyout

Sometimes it works best for the couple for one person to buy out the other's interest in the home. If you are well-off financially, that's typically the best option as long as the value of the property is agreed upon. By doing a buyout, you are able to either get your money from the property and move on or keep the house that has long been a home to you. A buy-out can be a win-win situation for both parties.  

Keeping The House

One strategy that many financially savvy divorcing couples may decide on is simply to keep the house for a while. During this time period, one of the spouses usually lives in the home and is responsible for its upkeep. In this case, contact your real estate attorney to be sure that the expectations and responsibilities for each party are clearly outlined and understood. This typically only works when you have somewhat of an amicable divorce. Even if that's the case, however, you still need to be vigilant about protecting your own interests throughout the process.

Finally, keep in mind that the home you lived in with your spouse for years may bring up all kinds of emotions. However, never make a crucial decision when emotions are running high. When you are feeling sentimental, you may sell yourself short. When you're angry, you may not agree with your spouse when it would be in your best interests to do so. Try to stay objective and consult your real estate attorney before making any major decisions on whether to sell your real estate now or later during the divorce proceedings.