Going through a divorce is never easy, no matter how amicable it is. Adding the sale of a home, which is often a major focus in divorce proceedings, just brings another level of stress. Your home is likely your greatest asset and holds sentimental value for both parties, and that usually complicates matters even further. Selling the home, though, is often the most sensible course of action when it comes to a divorce. Here, then, are some important tips on how to handle selling a home in New Jersey when going through a divorce.
Determining Who Gets the Home
Of course, the first thing that has to be decided is who gets the home, and there are several scenarios to consider.
If you acquired the home while you were married, then the most common outcome is that the property is divided equally between both parties. But if one spouse bought the home before the marriage, then that spouse may have the right to keep it.
If the divorce is amicable, that will simplify matters a lot. In this case, it will be much simpler to sell the home and then divide the assets. There are, however, other possibilities. For example, one person could buy out the other party’s share (in the case of joint ownership) after obtaining a mortgage loan.
But if things are tense and don’t go so smoothly, you may have to wait before selling a home in New Jersey when going through a divorce. When one spouse files for divorce, there is usually a restraining order put on the home, which prevents it from being sold while the divorce is ongoing.
These matters can get pretty convoluted, so be sure to contact a New Jersey to find out how it works out in your area. To discover more, just call (908) 320-7995.
The Process of Selling a Home in a Divorce
Now, when it comes to actually selling a home in New Jersey in a divorce, here are the steps in the process you need to know . . .
Getting It Ready to Sell (Or Not)
Most homes will need some repairs, upgrades, and improvements before they can be listed. You’ll need to take care of these before you move on to the next step, unless . . .
If you need to sell quickly and don’t want to bother with repairs, your better option may be to sell as-is. Or if the home is in such bad shape that repairs would be prohibitively expensive, an as-sale may be the way to go.
Hiring an Agent
Because selling a home in New Jersey when going through a divorce can be more complicated than a traditional sale, you’ll likely want to hire a good New Jersey agent. You should choose an agent you can trust, and both you and your soon-to-be ex-spouse must agree on the agent.
Doing an Investor Sale
Because most home sales involving a divorce need to happen fast, selling to an investor may be a good option. You may sell for less, but you can sell quickly and for cash.
When offers start coming in, whether sooner or later, you need to determine which is the best offer and then decide whether to accept it or negotiate. Counteroffers are common, so don’t hesitate to do some back and forthing in order to get the deal you want. Once you accept an offer, the sale can be finalized.
Just be careful about accepting any old offer just to get the sale over and done with, which is often a temptation when selling a home in a divorce. You really should hold for the value you need. Your New Jersey agent can help you with this.
Dealing With the Finances
The final step in selling a home in New Jersey when going through a divorce has to do with splitting the proceeds from the sale. With the help of your attorney, divide the proceeds in accordance with the divorce stipulations after making deductions for the various costs related to selling.
Be Sure to Enlist the Aid of an Experienced New Jersey Agent
When you’re in the middle of a divorce, you certainly don’t need the extra stress and headache of an FSBO deal of working with an inexperienced agent. We have the agents with the skills and experience to help through this difficult time. If you’re facing selling a home in New Jersey when going through a divorce, be sure to contact us today at (908) 320-7995.