Dividing Your Home After Divorce

When you bought your home with your spouse, you likely were not expecting to divorce them anytime soon. Things have changed and now you’re ready to untie the knot.

Your home is likely the largest asset you have, so dividing it in a divorce won’t be easy. That’s why many divorcing couples opt to have an expert on hand to help them navigate the stressful process of separating their home and other assets.

Certified divorce real estate experts (CDREs) are specialized real estate agents who offer litigation support. This is a relatively new type of job, so don’t worry if you’ve never heard of such a thing. A CDRE is specially trained to work with divorcing parties and help make the homeowners’ transaction as smooth as possible.

Many people hire CDREs in addition to divorce lawyers to help them navigate the process of splitting assets in a divorce. Here are some other things you can do to help with the asset division portion of your divorce.

Know that Every Situation is Different

Every former couple and home are different. CDREs help their clients navigate all kinds of unique real estate scenarios, as they are trained to be a neutral party. There are many complex situations involved. Perhaps one party is on the title while the other isn’t. Maybe they’re trying to sell from out of state. CDREs also work with all kinds of homeowners, such as with typical single-family homes, those with larger real estate portfolios, those who have an amicable relationship, and those who are not on speaking terms. A CDRE will start with practical steps early on in the process.

 Know Your Options

While more than 60% of divorces result in a sale of the home, selling your home isn’t the only option. Sometimes one person in the divorcing party is able to buy out the other. Sometimes, other large assets are able to equal the value of the home, and one party can keep the house.

When the real estate market isn’t that great, some parties may decide to rent out the property to make rental income until the market improves.

If you do decide to list your house, ask an expert when to do it. If the home is sold while the divorce is underway, proceeds from that sale will need to be reported and divided with the court’s approval. If the home is sold after finalizing the divorce, the judge may have already decided the outcome in court. There’s no universal right time to sell, so it’s important to talk to an expert before listing.

Prenuptial agreements are good to have. At the very least, you should be comfortable discussing money and financial expectations with a partner. This can help avoid future problems down the line.

Seek Legal Help

Your home is likely your largest marital asset. It’s a good idea to have someone on your side who specializes in the real estate aspect of divorce.

Fort Lauderdale divorce lawyer Edward J. Jennings, P.A. has experience in family law, real estate, and more. We understand every situation is unique and we help clients through even the most complex divorce matters in Florida. Schedule a consultation by calling 954-764-4330 or filling out the online form.

Source:

realtor.com/advice/sell/divorce-real-estate-assets/