For many divorcing spouses, the only practical and financially realistic solution to what to do with the family home is to sell it and split the proceeds. That’s one big decision taken care of.
It’s typically best to do it as early as possible in the divorce process or even before you begin. You’ll have a clearer picture of your financial positions once you’re in your separate new homes and have the proceeds of the sale.
Choosing the right real estate agent
Working together to sell your home, whenever you do it, can be challenging. It’s important to have a real estate agent you both trust. Maybe that’s an agent you’ve used in the past who isn’t closer to one of you than the other.
If you want to go with someone new, there are certified divorce specialists (CDS) who have training in selling homes amid divorce. If you don’t choose a CDS, it’s wise to at least have an agent who has worked with separated and divorcing couples previously.
Determining the price and how the proceeds will be split
Agreeing on a few things up front can help the sale process go more quickly and smoothly and help ensure that you’re both satisfied with the outcome. For example, decide (with your agent’s input) your asking price and the price you’ll settle for. This will be determined in part by how much, if any, time and money you want to put into repairs and upgrades.
Even though Texas is a community property state, you can agree to split the proceeds some other way than 50-50, especially if the spouse who gets more gives up something in return. It’s smart to have your own legal representation lined up as you determine this since it’s part of your property division and should be codified.
Determining who is responsible for the home while it’s on the market
It’s typically best if one spouse stays in the home so it looks lived in and doesn’t have the air of sellers who are desperate. Even if you’ve both already moved, you want to determine who will be responsible for regular maintenance and care of the home while you both still own it.
The better you can work together toward mutual goals in your home sale, the sooner you can move on to settling the other aspects of your divorce. Having sound legal guidance will help you protect your rights and interests.