Your home is important to both you and your spouse. If you are heading for divorce, though, you must decide what happens to the property. After all, continuing to occupy the residence with your ex-spouse after your marriage ends is probably not possible.
In Texas, couples have some options for dividing marital property. To stay in the home, a divorcing spouse may decide to buy out his or her partner’s ownership interest. Commonly, though, couples choose to sell the house and split the proceeds. If you go this route, you may want to consider taking the following four steps.
1. Think about occupancy
You may not want to live with your spouse before your divorce concludes. Nevertheless, because vacating the house may harm its selling potential, either you or your partner may want to remain. If you both vacate, working together to stage the property may become essential.
2. Negotiate repair responsibilities
Even if your home is in good shape, it may need some repairs or upgrades to appeal to more buyers. Because improvement projects can be expensive and time-consuming, you should negotiate who is responsible for them. Creating a schedule and budget may help you better manage repairs.
3. Settle on an acceptable price
In the lead-up to your divorce, you and your partner may argue about finances. Still, you must settle on your home’s listing price. You also should decide in advance which offers to entertain.
4. Find the right agent
If you are not on good terms with your spouse, you may have a hard time working through the many small matters that pop up during a home sale. Accordingly, you should put some effort into finding the right agent. Choosing a realtor who has experience with divorce-related home sales may be a good idea.
Your home may be the most valuable asset you and your soon-to-be ex-spouse own. If you plan to sell your home and split the proceeds with your partner, taking care of some important details is essential.