By clearly defining the roles and expectations for each party, disputes can be avoided as the sale process unfolds.
For many married couples, the family home is their biggest asset—or at least one of the most significant assets they own. In a divorce, they may decide to sell it and split the proceeds of the sale. Sounds easy, right?
It can be, but there are many factors to consider when putting your home on the market in a divorce. If you don’t think about the what-ifs now, you and your spouse may encounter a lot of disagreements down the road.
If you are thinking about ending your marriage, contact a North Carolina divorce lawyer to discuss your case and get your property division questions answered.
Putting Your House on the Market
When you sell your home during the divorce process, there are several important contingencies you and your spouse need to discuss before you stick the for-sale sign in the yard.
Who chooses the real estate agent?
What is the asking price?
If the property doesn’t sell right away, how often do you adjust the price?
Is the real estate agent authorized to lower the sale price if the property is not getting any interest? Or does the agent need approval from both spouses before dropping the asking price?
What happens in the event a buyer requests repairs? How are those costs allocated between the spouses?
Which spouse is responsible for making the mortgage payments while the house is on the market?
Who gets to continue living in the house while it’s for sale?
How will you divide any personal property inside the home?
Are there any appliances or other items that will stay in the home after the sale?
If the house stays on the market a long time, which spouse is responsible for paying property taxes and related costs?
Who is in charge of performing maintenance, such as lawn care, while the house is on the market?
Are both spouses allowed to be present for showings or open houses? Are both spouses required to be present at these events?
These are just a few of many potential factors that should be considered prior to launching the sale process. For example, some people want to be very involved in the sale of a home, while others are content to let their real estate agent handle the process without a great deal of input. However, if one spouse is living in the home during the sale process, he or she will likely have more contact with the agent and any potential buyers. By clearly defining the roles and expectations for each party before placing your home on the market, you can avoid potential disputes as the sale process unfolds.
Ultimately, you both probably want to receive the highest sale price possible for your property. By working together, you’re more likely to obtain a successful result.
Vitale Family Law: North Carolina Divorce Lawyers
Thinking about ending your marriage? Talk to an experienced North Carolina family law lawyer today. Call the North Carolina divorce lawyers at Vitale Family Law today to discuss your case. You can reach us by calling 919-841-5680.