Real Estate and Divorce – What You Need to Know

Guest post written by Drew Kern, a full time real estate professional with Berkshire Hathaway HomeServices EWM Realty in Miami, Florida.

Selling the house during a divorce is almost always a contentious issue; someone’s home is a very personal possession that often is the most valuable asset a family owns.

Because of this, many disputes in a divorce center around what to do with the house. Sometimes one person wants to buy the other spouse’s stake in the home from them to keep it while others want to buy it and then sell the home entirely once the divorce is finalized. The third option is to sell it during the divorce proceedings.

Selling Your House in the Middle of a Divorce

As with every sale of a home, there are a few factors that need to weighed before you list. For example, there is always the possibility that some necessary maintenance needs to be done. In this case, it is important to discuss the details – and the estimated cost – with your attorney and utilize their expertise before any final decision is made on what you need to do and who will be paying for it.

Hiring a Realtor During a Divorce Proceeding

As one Realtor represents the owners of a home in order to sell it, you are able to share a Realtor with your soon-to-be ex-spouse to manage to sale of your home. It is recommended that the two of you interview a couple different Realtors (again – discuss with your attorney beforehand to make sure your interests are best represented) before agreeing on hiring one.

Once the house is listed and there are offers for it, discuss them with both your Realtor and your attorney. The good news is that many divorcing couples have the same goal with the sale of a home – a timely, profitable sale.

Dividing the Profit of a Real Estate Sale During a Divorce

Speak with your family attorney before the close of the sale on how the profit will be divided up. There are a couple factors that should be considered – whether it was marital  or non-marital property, if one party paid more towards the mortgage and maintenance, et cetera. Don’t be afraid to ask your family attorney any questions about this process before the orders its final property divison.

Drew Kern is Senior Vice President of Berkshire Hathaway Home Services EWM Realty, and a full-time real estate professional in Miami, Florida. Drew is a native to South Florida. His knowledge of Miami, Coral Gables, Pinecrest, Palmetto Bay, and the surrounding communities gives him the ability to provide the best possible service to people relocating from across town or across the world. To learn more about Drew Kern and his realty services, visit https://drewkern.com/