These are the steps to selling your home. The video below provides guidelines for agents to sell your home successfully after a divorce.
First thing to be aware of is the mortgage attached to the property. When you go to market it, you must deduct related to mortgages, fees, brokerage fees, and tax from the selling price. What you’re left with must be divided among you and your soon-to be ex. Then, you’ll need to determine if you have made more money from the sale than you’re allowed to write off or delay. If that’s the case then you might have pay tax on capital gains.
What happens when one Party takes over the House?
The scenario above assumes the spouse and you both agree to let the house go then divide the proceeds and leave the house. If it’s decided that one of you should keep the house the situation can become somewhat more complex. If the recommendation is that you maintain the house, decide if it is feasible to do so on your own. Even if your spouse allows you to hold the property, they could require a portion of the equity. You must find a way to get the money that you require, even though you aren’t planning to sell the property. It could be selling any assets you’ve acquired as part of the split estate.
The majority of divorced spouses choose to market their homes. It’s much easier to complete.