You know divorcing your current spouse presents the most favorable option for your life, but you may face a lot of uncertainty regarding other divorce matters. For instance, when should you sell your marital home?
American Home Agents Real Estate offers tips for timing the sale of your shared home during a divorce. Learn whether to sell before or after finalizing your split.
Selling before divorce
Partners who divorce on relatively good terms may have little issue with selling their marital home before signing settlement papers. By putting the home on the market sooner rather than later, splitting spouses may capitalize on a robust seller’s market. Depending on how long the couple owned the home, they may have significant equity built up that they may split.
Even a high-asset couple may benefit from an influx of cash that allows them to start the next chapter of their lives as single people on the right financial foot. Those with a business may use the money to evolve their company, bring on new talent or take care of existing employees.
One vital fact to remember with selling a home, no matter the phase of the divorce process, is that guarantees do not enter the equation. While divorcing couples may put their home up for sale before divorce, they may not receive a solid offer until well after signing the divorce settlement.
Selling after divorce
Perhaps partners experience a split brimming with conflict. If so, it may make more sense to wait to sell the home until after the divorce when emotions (hopefully) cool. Those who put off selling should look into how much capital gains tax they should expect to pay.
Timing proves essential in many aspects of divorce. Think about your future and your soon-to-be-ex-spouse’s demeanor when deciding when to put your marital home up for sale.