Navigating a divorce requires you to deal with many challenges, especially when it comes to real estate. You will need to determine how to divide real estate, what to do with your martial home, and more. This adds even more confusion to the mix. When it comes to divorce and real estate, here are some mistakes you want to avoid.
What Not to Do When Navigating Marital Property Division During a Divorce
Not voicing your needs
You will need to determine if one spouse will keep the house. If so, you will then need to figure out how the other spouse will be compensated for their portion. It is best to enter conversations regarding your martial home by sharing your needs right away. Now is the time to put yourself front and center. If you want the marital home because you need it to raise the children, tell your spouse that. If you would like to sell the home and split the proceeds, be vocal about this.
Not removing your spouse from the deed
Unless a divorce agreement states that you and your spouse share ownership of your marital home, it is best to move through the steps to remove him/her from the deed. It would also be in your best interests to cut all ties to avoid any financial liability down the road.
Not selling the house (when it is your best option to do so)
Sometimes it is your best option to sell your home, divide the proceeds, and then move on with your life. If you and your spouse cannot agree on who should get the house, this is a fair option. Additionally, it is much better than having the court decide what to do for you.
Not buying out the other person
If selling the house is not an option, you will need to buy out your spouse’s share. If you do not do so right away, the value of your property could fluctuate, your spouse could change their mind, or you might find yourself having to do multiple appraisals of the property. It is best to buy out your spouse once you have determined this is your best option.
Deciding to nest when you know you and your spouse do not get along well
Some couples think they can live together to minimize their divorce’s impact on their children. While some can make this work, others just should not attempt this. If you and your spouse had a nasty divorce, have had trouble living together in the past, or simply do not treat each other nicely, do not make the decision to nest together.