Selling A House During A Divorce: What You Need To Know
When you think about what to do when selling a house during a divorce, the answers are never easy. As you come to terms with your divorce, it’s one of the toughest decisions to make.
More so, it’s one of the many decisions that may come into question. Should you wait to sell your marital home before or after your divorce?
Many factors can overcomplicate this decision, seeing as one party may wish to keep it, while the other may want to sell it for equity. But one of the most common debates is whether to sell the home before or after getting a divorce.
Tax Benefits
Of course, you need to consider the emotional factors between the two parties. Although, when it comes to financial benefits, it’s important to keep them in mind too.
According to the real estate agents at https://socalhomebuyers.com/should-you-sell-your-house-before-or-after-a-divorce/, selling your home before you get a divorce can spare you capital gains tax, as married couples get the benefit of tax exemption.
When you sell your home as a couple, this can exclude up to $ 500,00 of your equity. Additionally, this can mean that both parties involved can avoid paying hefty sums of taxes.
However, this can present as a potential option after you get a divorce. And especially if you owned your property for more than two years as a married couple.
Funds for the Future & Selling A House During A Divorce
Typically, selling a house during a divorce can provide you with the needed funds to start a new life, especially if you’re planning on owning another home.
While many people see divorce as an end of a relationship, it’s also the beginning of a new phase of your life, which you need to be well-prepared for. As a single person, you may face emotional turmoil, if never lived on your own.
Adding financial worries to the equation may make it more challenging for you to cope with such a tremendous change in your life.
However, if you choose to postpone selling your home, this has another drawback of possibly delaying your divorce as well. If your spouse insists on keeping the house, it’s a good idea to contact an attorney before you end up moving out unwillingly.
Communication While Selling A House During A Divorce
Of course, how well you communicate your goals with your former spouse definitely factors in how soon you can sell your home.
However, if you end up arguing with your former partner every time the topic comes up, then you should work on communicating your concerns in a more neutral manner or through a lawyer.
Both parties need to understand that selling a house during a divorce will aid you both in letting go of your past.
Whichever party decides to stay in the property after the other party moves out will never feel the same. However, seeing as your home is definitely an extension of the marriage it’s often a painful process.
Even if you were the party that proposed the divorce, the emotional ties that you have with your home will stay with you. More so, if there are children in the picture, it may be best for them to experience change as well.
Avoiding Clashes
Selling your home before a divorce has the perk of avoiding constant clashes with your former partner.
For example, you can end up living under the same roof with your spouse until the house sells. This can cause additional conflicts and prevent you both from moving forward. Plus, think of the additional arguments and clashes you might experience.
The faster you let go of the property that links the two of you together, the easier it will be for both parties to move on and avoid further conflicts.
However, if you’re not on the most amicable terms with your former spouse, selling your house later may be the better option, as it gives you more time to work on your disagreements.
Never rush a decision, or make one against your former partner’s will, as this can hurt both of you.
More so, selling a house during a divorce can help you with future finances, but it may not be the optimal choice, as this can further delay your divorce.
Nevertheless, many agree that selling a shared home can make it easier to move on, and prepare for future arrangements, seeing as living under the same roof is no longer an option.
In discussing these matters elicits arguments with your former spouse, consider consulting an attorney before taking any further steps.
Also, don’t forget to read Married For Decades And We Argue About The Silliest Things too!
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