Selling During Divorce

Divorce may be one of the most difficult life changes you’ll ever experience. And one of the toughest aspects of divorce is having to make important financial decisions, like selling your home, while going through an extremely emotional period of your life.

However, many people do sell their homes during this tumultuous transition, and if you’re, unfortunately, among that group of people, we at Dana Hall-Bradley would like to offer you some words of wisdom (as well as a helping hand). Selling a home is a business decision. Even though emotions may be running on high, you’ve got to find a way to distance yourself, to think with your brain, not your heart, and to make decisions that are truly best for you.

Here’s how to sell a home during a divorce.

Tips for Selling a Home During Divorce

Don’t Let Emotion Get in the Way

Divorce is emotional. Selling a home is emotional. But it’s time for a little tough love again here—don’t let emotion get the better of you. Don’t let your home become a source of revenge or a chess piece played against your partner. As likely your largest financial asset, your home has the ability to determine your financial wellness—so don’t sabotage your house or the furniture or the sale, even if you hate that you have to sell your home.

Sell For the Right Reasons

Before you undertake all the hard work that goes into selling a home, make sure it’s for the right reasons. Typically, separating couples will sell because with divided sources of income, neither can afford the mortgage on their own. It may also be to liquidate assets to help cover the costs of legal fees and other divorce expenses.

If you’re selling for purely emotional reasons, ask yourself if selling is truly the best financial option.

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Try to Work Out the Details Amicably and by Yourselves

When you sell a home, the equity will be split in some fashion. Typically, this is a 50/50 split, but in cases where one partner has been paying more than the other, this might not be preferable. Try to avoid the courts and work out amongst yourselves how the equity will be split—otherwise a third party will decide for you.

Get Everything in Writing

Handling your split might be an amicable proceeding, but it’s always advised to be safe and careful. That’s why it’s critical to make sure to get everything in writing—from who’s paying the mortgage until the home is sold to how the equity will be split to who gets to keep the couch.

Consider Capital Gains

Whether to sell your home now or wait until after the split can come down to capital gains. If you’ve made improvements to your home, it’s highly preferable to sell while still married, as you can exclude up to $500,000 in profits from your taxes ($250k per person)—versus the $250,000 total entitled to a single seller.

Always Work with an Experienced Realtor

Now more than ever, it’s important to hire a Realtor to help you through the selling process. Not only will a Realtor help you determine the right price for your home, but can also offer assistance (or even take the reins) on crucial decisions like repairs, staging, negotiation, and final price.

When choosing a Realtor, it’s important that you and your partner work together so neither feels undermined and both will be able to trust the judgement of the agent. Find a local realtor experienced not only in selling luxury homes (and preferably working with divorcees), but who also possesses the necessary patience and communication skills to handle the additional emotions that come with selling during a divorce.

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Searching for a Central Florida Agent Experienced with Selling During Divorce?

If you’re looking for an agent who can help you get your home sold with your sanity (mostly) intact, Dana Hall-Bradley is here for you. We know you’re going through a rough time, so we want to help you out by taking some of the work off your plate. Let us know your story, and we’ll let you know all the ways we can help you out. Because you shouldn’t have to worry about selling a home right now!

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