Having to sell the family home because of a separation or divorce is hard on everyone involved. Selling the family home can be more emotional than anything else. How can you as a home owner make this important move with less stress than what you are all ready experiencing? You don’t want to have it turn out like that movie “War of The Roses”.
Many people want to be able to keep their homes for a wide variety of reasons that are sentimental. Others want to sell it right away for emotional or financial reasons. Which ever the reasons you are selling your home, there are some things to consider. Can you afford to stay in the home on your own? Is your current home worth taking out a new mortgage and would you be able to get a mortgage on your own. Have you considered all of the costs in running the home you have? This includes maintenance as well. You don’t want to be one of those couples that fight for something and end up with nothing or very little at the end. You need your equity in order to move forward into your new life. Don’t lose out because you are upset or so emotionally attached to the home that you can’t see how the outcome will affect you in the long term.
Understandably, it can be difficult to be objective when faced with such sensitive, emotional circumstances. This is why it is in your best interests to consult with an experienced real estate representative and financial professionals.
FYI: You do not pay capital gains on a family principal residence. There would be on any recreational properties you may own though.
Your first step is to consult with a Family Law Lawyer prior to putting your house on the market to ensure that all the points are covered before an offer is received.
I have seen people try to go ahead with selling their home before they contacted a lawyer and the last time this happened it took over a year for the home to sell. Once everything was properly settled on between the two home owners the home ended up selling within a few weeks. I was so happy to be able to help move them in the right direction with a lawyer, plus they were less stressed by the entire home selling process after they met with a lawyer.
Most of the time we hear from friends or family member who have gone through this and take their advice. Why wouldn’t you want to? They are your loved ones and only want the best for you. Each person’s life is unique. What they find important is unique. What they have for assets is unique to them, no one else. What worked for one person and what they were legally able to do won’t be the same for you. Go to your friends for love and support, not for legal advice.
Consulting with Irene Bilinski , you will be able to experience less stress each day knowing that you are getting honest and straightforward information that is in your best interest. We will advise you of the options available for you and help you understand each step along the way as we sell your home. You are not in this alone.