Marriages already strained by the economic crisis are thrust into even worse territory when couples choose to divorce but cannot sell their homes.
Each spouse needs the proceeds of the property sale to make a down payment on another home or to otherwise move on with their lives; but in many instances, there are no takers for the residence and the owners owe more than the real estate is worth.
While one spouse might move in with family or friends, the couple often has to remain in the home together to wait out the housing downturn.
In some cases, the home is divided into “his” and “her” areas, or estranged spouses take turns living in the home with their children. Some couples are using retirement accounts to make divorce settlement payments.
The situation can be even more complicated when one partner wants to keep the house and refuses to agree to a sale arrangement.
Anytime there’s a peripheral issue (like divorce, a job loss, death or possible foreclosure), it’s important to get it all out in the open. If a couple is getting a divorce and trying to sell their house, they need to give their real estate agent as much information as necessary.
It also is critical, for the property professional to assign the home an appropriate asking price and to avoid siding with either spouse.
Jon Tipton, Florida Certified Residential Appraiser
813-391-6121
Brandon Florida’s Beautiful Homes- Realtors®
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