James R. Schaffer, P.A.

Can I sell my home when getting a divorce?

| Aug 17, 2020 | Divorce |

Ending a marriage is just as much an emotional process as it is a legal one. For many people in Florida, so is selling a home. Combining the two may feel overwhelming, and someone who wants to sell his or her marital home might feel pressured into keeping it. Selling a home while going through a divorce is not impossible, though.

Efficiently selling a home during a divorce

Divorce is not an endless process, and even couples who hit roadblocks during negotiations will eventually reach the end. This means a couple who plans to sell their marital home should have an end goal for this process as well. Divorcing spouses should discuss when they would ideally like to list the home for sale, as well as the general period of time they would prefer to close on the sale.

This timeline will help inform tasks related to selling a home. Most realtors agree that virtually all homes could use a little work before hitting the market. Setting a realistic budget for updates or repairs is a good place to start, and both spouses should agree on how much they will each be responsible for covering. Some homes might need a little bit of paint or a new appliance, while others will need significant repairs.

Some couples also forget about the taxes associated with selling a home. Depending on the situation, some couples might have to pay taxes on any gains over $250,000. It is not uncommon for some areas of Florida to experience a significant boost in value, either. Addressing these issues early on in divorce may be useful, and an experienced counsel can provide guidance on how to do so effectively.