Divorce and Selling Your Home

Divorce and Selling your home in NJ

I now this is a morbid topic but yet common these days.  A husband and wife have made a decision they can no longer stay together.

The first concern would be the children and then the splitting of the assets, such as bank accounts and their home. I know I have been there myself.  I have also helped clients that were going through a divorce and I felt very sympathetic to both. I have looked at every one of my clients and said, “I understand what you’re feeling right now”.

It was not easy for them and it was important for me to stay neutral and guide them through the painful process of sell their home.

Now, the home might be worth less than its mortgage, and there are no guarantees it will sell in the near future, much less for a profit.  However, those who decide to sell, it can be a daunting task for people trying to split up. Do they keep the house now and try selling it next year? If they wait, will its value go up or down? Can they rely on a short sale? What happens if they just stop paying the mortgage? Is one spouse willing to buy out the other, own the home, and assume all risk? There is no obvious solution.

Just be aware, New Jersey is an impartial distribution state, meaning that the marital estate distributes in an equitable, but not necessarily equal, manner.

Attorneys, accountants and judges all strongly recommend that one or both parties retain a state certified real estate appraiser to provide a credible opinion of market value. MAKE THIS THE FIRST STEP IN THE PROCESS.

Once both attorneys have documented the appraisal and you both agree you want to sell then it is vitally important to have a REALTOR that is there for you, assists you, and makes you feel like they are there to help you in every step of the way with selling your house.

If you have any questions or want more information please feel free contact me. My email isdawn@dawnruete.com .