The marital home is typically one of the largest assets that have to be handled when you go through a divorce. Unfortunately, it is also one that can lead to a lot of disagreements. Before you embark on the process of trying to decide what to do with the house, you need to set aside your emotional ties to the home. This can help you to make decisions that will benefit you financially.
Even though you’re probably in a hurry to end the marriage, you shouldn’t try to rush through the negotiations. Take the time to discuss the marital home with your attorney, financial planner and other professionals who might have some input about what might help you.
You will have to find an experienced real estate professional to help you deal with the home. If you are selling, this person will handle those arrangements. If one spouse is buying the other out, the realtor can determine the current market value of the home and what trends are expected that affect it.
When a home is being sold as part of the divorce, you and your ex will have to determine what selling price is suitable. Neither person should make a decision about an offer without consulting with the other person. This doesn’t have to be direct communication. Instead, each person can report independently whether an offer is suitable or not.
There are tax implications that you also have to consider. Your tax professional can help you to determine how each option regarding the home might impact you.
Once you know all you can about the options, you can then make an informed decision about how to handle the home. This is only one facet of the divorce, so be sure to think about all the others, too.