Should you sell the marital home after a divorce?

On Behalf of | Feb 26, 2022 | family law |

Divorcing couples in New Jersey have to consider what to do with the marital home after their split. If neither spouse wants to keep it, selling might be the best option.

When should you sell your home?

If you and your spouse decide to sell the marital home after your divorce, it might take months. A neutral mediator can help.

Your home will be appraised to see how much you might get from selling. You and your spouse would have to agree on paying the home equity and splitting the proceeds. When you receive the money, it gives both of you a good chance to start over as you move toward separate lives after the divorce.

How can you set an asking price on the home?

While working with a real estate agent, you will want to ask questions about how much you could possibly get when selling your home. Although you and your ex might have a specific asking price in mind, it’s important to ask the agent for their advice. If the agent disagrees with your asking price and mentions a drastically lower price, you might want to get a second opinion. However, it could be that you’re overestimating the value of your home.

Once you have a satisfactory selling price on your home, you can get ready for the showing. However, before that process occurs, it’s important to make any needed repairs. Sometimes, all you need is a fresh coat of paint and minor repairs before your house can be officially placed on the market.

You and your former spouse can review offers from buyers who wish to purchase your home. Your real estate agent can help you by advising on the best asking price. However, even as your divorce is ongoing, you and your ex will make the decision together on the price that’s most satisfying and fair.

With the marital home sold, you’ll have access to funds for your new living situation. You can go your separate ways and move forward from your divorce.