What happens with real estate during a divorce?

On Behalf of | Jun 1, 2023 | Property Division

Divorce can bring many challenges, one of which is navigating the intricacies of real estate. This might involve selling a shared home, buying new properties and handling the logistics of relocating. While it’s a complex process, reaching a mutually beneficial outcome with proper guidance and strategic planning is possible.

Dealing with real estate during a divorce necessitates clarity, cooperation and compromise. Therefore, it’s essential to approach these decisions objectively and clearly to understand the legal and financial implications.

Real estate considerations during divorce

Selling a home during divorce requires a consensus on critical matters such as the asking price and how the proceeds will be divided. Similarly, affordability and future financial security should be considered when purchasing a new property. 

Relocating, too, involves not only logistical aspects but also emotional impact, especially if children are involved. Always consider how each option will impact the kids if they’re still living at home. In some cases, it might be best for the children to remain in the home, which could mean delaying the home sale until after they move out as adults.

Seeking professional advice is critical

Engaging real estate professionals and financial advisors can help make the process smoother. In addition, these professionals can provide valuable advice based on the unique circumstances and needs of the divorcing couple. For example, each piece of real estate owned may need to be appraised so accurate decisions about what to do can be made during the property division process. 

Divorce is an emotionally challenging process, and adding real estate considerations can complicate matters further. With a clear understanding of the process, open communication and professional guidance, it’s possible to navigate this journey in a way that paves the path for a new chapter in life.