Moving in Different Directions: When couples decide to part ways through divorce, one significant question often arises: Should we sell our home?
While it may seem daunting, selling your home during a divorce can be a wise move. In this article, we'll explore the when, the how, and the whom you must consider when navigating this challenging situation.
The When: Timing is crucial when selling your home during a divorce. Experts at Divorce.com recommend putting your home up for sale as soon as the decision to divorce is final. Why is this the best approach? Here are three compelling reasons:
Reduced Pressure: Selling your home under a looming deadline is always challenging. Divorces can be time-consuming, and taking your time to prepare your home for listing can lead to a better outcome. In today's market, homes often take longer to sell, so having extra time can also be advantageous to the bottom line.
More Time: Time can help alleviate stress and provide room for making important decisions, such as the equitable division of assets. As Louisana requires a minimum of 180 days of separation before granting a divorce, time to list will be on your side whether you want it to be or not.
Tax Savings: Many couples going through a divorce choose to have one partner move out while the home is listed. Why? If both spouses have already moved out of the marital home, it may be classified as a "second home," leading to higher closing taxes than primary residences.
The How: While there are no hard and fast rules, it's common for one partner to take the lead on selling the home during a divorce. Discuss this decision openly, and make a plan to divide responsibilities in advance.
Both spouses must agree to terms, sign paperwork, and potentially attend the closing, so communication is essential to protect your interests.
However, if close contact with your soon-to-be ex-spouse is too stressful, there are ways to tailor the process to your needs. Separate closings - one for each spouse - can minimize contact.
Aside from these considerations, the selling process remains similar to any other. You'll need to engage with several consultants along the way.
The Who: In addition to your divorce attornies, you should involve the following individuals in the process:
Real Estate Attorney: Ensure your divorce attorney understands Louisiana real estate law, as community property laws can differ from those in other states. If your attorney lacks expertise in this area, seek recommendations for a qualified professional.
Tax Professional: Engage a tax professional who comprehends divorce, real estate, and Louisiana laws. Their expertise will help you navigate the financial aspects of the sale.
Realtor: Choose a Realtor with experience handling home sales during divorce proceedings in Louisiana. While it may be tempting to work with a friend who has a real estate license, it's wiser to collaborate with a professional who has successfully guided multiple clients through this specific situation.
Deciding to get a divorce is a significant step, and it leads to a series of many more minor decisions. Selling your home during this time may be one of them.
Team Cool Murphy understands your challenges and can help simplify the process, ensuring a quick and easy sale. Let us handle the workload while you focus on inventing your next chapter.
Voted Neighborhood Favorite by Nextdoor, Team Cool Murphy is a top-producing, licensed real estate team based in New Orleans, brokered by Cool Murphy, LLC.
Celebrated for her next-level creative approach to real estate, Elisa Cool Murphy is an award-winning, top-performing agent in New Orleans and the founder and leader of Cool Murphy, LLC.
Contact Her -
email: cool@coolmurphy.com
Facebook: @homeinneworleans
IG: @coolmurphynola
YouTube: @coolmurphynola
phone: 504-321-3194
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