When Both Parties Want to Sell Their Home

If you are going through a divorce, one of the biggest concerns you will come across is what to do with the marital home. If both parties want to sell the house, then it is a relatively straightforward process. You should still make sure to hire a lawyer to help oversee the process so that you don't end up in a complicated situation.

In order to sell the marital home, both parties will be required to agree on a listing price and a schedule for showing the home. They will also need to decide how they will divide expenses pending any sale. A divorce attorney can help the couple to work through these decisions. Once the home is sold, the parties will need to decide if the proceeds will be escrowed or distributed. Attorneys say that sellers also need to factor taxes into the equation. It is important for sellers to check their exposure to capital-gains tax after a divorce.

Sometimes, a home may be undervalued and may not be able to sell for profit. In these situations, selling the marital home can become complicated, as both spouses may end up in debt at the end of the sale. IN this case, most of the time selling and taking a loss may be the only options. This is especially true if the divorce is very messy and everyone desires to wash their hands of the marriage.

Also, if one person can stay in the home temporarily and the other moves on, then this can be an arrangement that will bide the time before an eventual sale. If you want more information about selling the marital home after or during divorce, a Los Angeles divorce attorney at Claery & Hammond, LLP can help you! Contact us today.