A divorce comes with financial considerations, and spouses may seek compensation through alimony and the division of assets. Splitting the amount in a brokerage account might not require much effort, but selling a home in New Jersey requires completing several steps. When selling a house as part of a divorce settlement agreement, the process might come with more considerations.
Selling a home after a divorce
There’s no single uniform way to sell a house after a divorce, and some settlements mandate that a home cannot go up for sale until one former spouse remarries or passes away. Established under a “Martin order,” such scenarios might be rare. More common could be liquidating the home to a cash buyer to eliminate debts and various responsibilities. Doing so may allow the former partners to move on, but they may end up with less money than would be the case with hiring a real estate agent and following a more traditional path.
Some may choose to renovate the house to maximize the sale potential. Such a process would be more involved than “unloading” the home, but both parties could split a high sales price at closing.
Other matters related to home sales and divorce
The particulars of a divorce contribute to decisions about property division. Married couples with children may feel that it would benefit the young ones to grow up in the same home and attend the same schools. One parent may then keep the house while the other parent receives more financial assets. Such an outcome may lead to an equitable and amicable division.
Those who decide to sell may need to accept the waiting period necessary for marketing and closing the sale. A deliberative and careful approach may require patience, but the results could be best for all.