When divorcing couples in Texas decide to sell their home, there are a few considerations that need to be examined.
Divorce is hard enough as it is without having to worry about deciding what to do with a home. Texas couples who are ending their marriage and have decided to sell their shared home need to make sure they go about putting their property on the market the right way. Some good advice and careful consideration can do a world of good in such situations.
Try to work together
No matter how a divorcing couple might feel about each other and their marriage, it is best that they work together when it comes to selling their home. The reason for this is that the court will have to step in to make a decision for the couple if they are unable to reach an agreement on their own. Something else to consider is the fact that court decisions are rarely ones that couples agree with, making it essential for ex-spouses to do their best to hammer out a fair decision.
Think about the tax implications
Usually, married couples selling a home qualify for a bigger capital gain exclusion than single individuals. It is worth pointing out that to qualify for the larger exclusion, a married couple has to have lived in their house for at least two of the last five years. The residence also has to be a primary house rather than an investment property. Couples who have lived in a house for several years and have built up equity will most certainly want to think about how they choose to file their taxes while selling a house during or after divorce.
When putting property on the market, it is essential to pay close attention to the market and the time of year. If the economy is not doing well, it might be hard to successfully sell a home, which means the sale might have to be put off for a few months while the market recovers.
Divorcing couples also have to consider the mortgage. If it is not fully paid off at the time of the divorce, the remainder will be split 50/50. It is a good idea for both parties to consider their new financial means before making a decision about selling a home before.
Work with the right realtor
Divorcing couples should be sure to find a realtor who has experience working with sellers currently going through a divorce or are already divorced. This is because such realtors have the experience and skills necessary to sell the home in a way that benefits everyone.
No matter the circumstances when selling a home, it is always best to work with the right professionals in Texas. Be sure to consult with a knowledgeable attorney for more info on the right steps to take when selling a home.