KAMLOOPS REAL ESTATE
HOME SELLER'S GUIDE: DURING A DIVORCE
Going through a divorce brings many emotional, financial, legal, and housing considerations. At this time non-emotional, objective and practical information can help you make the right decision when it comes to "the house".
When it comes to divorce and the shared house there are four options, each with financial and legal considerations:
Sell the House and Split the Proceeds
In this situation you'll want to maximize your home's selling price. A REALTOR® can assist you by providing a professional evaluation of your home. They will consider the local market, similar homes that have sold in your neighbourhood, and the overall condition of your home. They will also help you to understand what your net proceeds will be after selling price, expenses and the divorce settlement. Your settlement may not be 50/50, but rather will be determined by negotiation and legal requirements.
Buy Out Your Spouse
If you're planning to stay put, you need to consider the financial obligations. Can you continue making the mortgage payments on one salary? Perhaps you can renegotiate the mortgage or look at finding additional sources of income moving forward.
Have Your Spouse Buy You Out
When you decide to leave, you have the opportunity of getting a fresh start in new surroundings. In the process however, be sure to speak to a lawyer and your financial institution to arrange for the proper transfer of title. If both husband and wife are listed on the title, then you're both liable for the mortgage. With this liability it could be difficult to qualify for a new mortgage on a new home.
Retain Your Ownership
Some people choose to keep the ownership as it is while one party remains in the home. This works for the short term. However for the long term, you'll want to consider tax and estate issues.
Get Advice Before You Take Any Action
Before you make any decision, be sure to speak with professionals including a REALTOR®, lawyer, accountant, and financial representative. Be sure you consider all of your options and understand the ramifications of each action. With this information, you'll make a decision that remains in your best interests.