Can You or Your Spouse Sell Your Community Property Home During Your Divorce?
Should you sell your house during a divorce? Is it better to wait and sell it after the divorce? Can you sell your home during your divorce, or do you have to wait until the divorce is final? Can your spouse sell your house during a divorce? There is no right or wrong answer to when you should sell your home during a California divorce. There are a lot of variables to consider before making the final decision, including the underlying financial situation, tax implications, and the state of the real estate market. How much money would you make if you sold today versus later? But before any of this occurs, remember that during divorce, marital assets are split between divorcing spouses. Regardless of whether the home sells or not, the value of the house (or the net profit from the sale) is part of the division of property.
If you and your (soon to be ex) spouse decide the home needs to go, it is often a smart choice to sell as quickly as possible for several reasons. But there are also a few negatives that can come into play and make it better to put off the sale until after the divorce. Consider both before making your final decision.
Benefits of Selling Your Home During Divorce: Funds for a New Future
Divorce is often the first step toward a new life with many changes. Cashing in on home equity can provide necessary funds to find and pay for a new residence. When a couple has a decent amount of equity in their home, the funds from the sale can go a long way toward providing a solid financial start after divorce. It could mean a sizable down payment on a new home, funding a relocation for a new job in a new area, money to cover the costs of a rental until you decide where you’re going to settle, etc. Others use the funds to travel or go back to school.
The Drawback of Selling During a Divorce: The Sale Process Can Delay Divorce Proceedings
In a perfect world, selling a home during divorce would be easy and fast, but in an ideal world, there probably wouldn’t be any divorce either. In reality, there is divorce, and home sales are rarely quick or easy – particularly when it is occurring during a divorce. The home sale process is full of little details and decisions that will need to be handled in cooperation with the soon-to-be-ex. Every small, but important detail and every decision holds the potential to escalate into a battle that can delay the sale of the home, which would then have the power to delay the divorce. A tough buyer’s market can cause even more delays.
If you need more information on how to handle the sale of your home during your divorce or if you have other questions about how property is divided during a California divorce, please get in touch with the experienced divorce attorneys at The Maggio Law Firm today.
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