Determining whether or not to sell a home during a divorce can be complicated. Oftentimes, one person may want to remain in the home while the other wishes to sell the home. If this is the case, there are many different options available such as one spouse buying the other spouse out, allowing one spouse to remain in the home for a set time period and then selling the home at a later date, or immediately selling the home after the divorce is finalized and splitting the proceed, among others.

Selling the Home

Oftentimes, there may be financial and emotional benefits of selling a house. The proceeds from the sale of a house may be necessary for one or both parties to restart his or her life. In addition, selling a shared home may help eliminate any contentious issues that may arise in the future as well as assist in cutting any emotional ties to one another. If a home is sold prior to finalizing a divorce, it may help both parties cover the cost of legal expenses or any outstanding debt that had been accumulated during the duration of the marriage. In most instances, spouses will decide to sell the home, because the parties cannot afford the home on his or her own.

Planning for the Sale of a Home

Prior to selling the home, it is important to decide whether the home requires any updating or maintenance. Investing money and time into remodeling the current home may or may not be worth it. For this reason, it is important for both parties to evaluate their options as well as speak with an attorney before making any final decisions. A lawyer may assist in determining:

• Who will be responsible for the remodeling costs or how the project will be funded;
• Assist with setting cost restrictions;
• What real estate agency can be used;
• Whether or not one or both spouses will remain in the home during the remodeling;
• Who will continue to pay the mortgage;
• Who will continue to pay the taxes;
• An acceptable home price; and
• Which spouse will partake in the showing and staging of the home; among others.

Accepting a Reasonable Offer

It is important that both parties are comfortable with the listing price of the home. A real estate agent can assist in advising both parties on the fair market rate of the home. A lawyer can assist with any disagreements that may arise between the parties on what offers to accept or decline so that both parties profit from the sale of the home in a timely manner.

Splitting the Proceeds

New York is a community property state, which means that the proceeds from the sale of the home may be equally divided because anything obtained during the duration of a marriage equally belongs to both parties. However, there are some exceptions to this rule, such as having a prenuptial or post-nuptial agreement.

Navigating the complex legalities surrounding divorce, the sale of a home and the division of property can be difficult. The experienced Long Island divorce attorneys at Larry McCord & Associates, LLC can guide you through the divorce process and child custody proceedings. Please contact Larry McCord and Associates, LLC at (631) 643-3084 Larry McCord and Associates, LLC at (631) 643-3084 to learn more about the firm’s services and approach to divorce and family law.