Anyone who says, “home is where the heart is,” has never tried to sell their house during a divorce. What was once home sweet home is nothing more than a house divided now that you and your spouse have decided to legally separate. Do you know what happens to a house in a divorce?
Divorce property settlement can be tricky. You can only sell your shared house before the divorce is final if both you and your soon-to-be-ex agree to do so. The division of assets in divorce is an issue for a final trial and is not a temporary issue.
If you and your former partner are struggling with cash flow, it would be in both of your best interests to agree on how the proceeds of the sale of the house should be divided before the divorce is final. Depending on the circumstances that led to your separation, it can be difficult to be agreeable, but playing nice not only saves money, but it also saves time, hassle and heartache. Most often, the division during the pendency of the divorce is a 50/50 split.
If there is no agreement regarding the division of the proceeds of the sale of the house, the proceeds should be deposited in an attorney’s trust account. The division of the house could then later be decided by agreement—negotiation or mediation. If there is a possibility of a disproportional division regarding the division of property, the house is essentially “off the market” and negotiating table, becoming an issue for the court as a result of a final trial.
Don’t let your situation become like “The War of the Roses” movie. The family law attorneys at Hoppes & Cutrer are experts at negotiating property division and guiding clients through the divorce process.