2 things to consider when selling the family home in a divorce

2 things to consider when selling the family home in a divorce

| Jun 3, 2020 | Divorce |

The harsh reality is that most people across the country, including many here in Kentucky, will not have the ability to keep the family home when the marriage ends. For this reason, selling the family home is often the best option during a divorce. However, numerous factors require consideration as couples work to sell their homes in advance of, during or after the divorce.

It would be a good idea to consider how to answer the question, “Why are you selling the home?” The last thing couples want is to end up with lowball offers because a buyer thinks the home must sell fast. Couples could reveal they are going through a divorce, but this would most likely result in offers that are below market value. Instead, it is recommended that couples say they can no longer afford the mortgage loan payments or that they are downsizing, both of which are still true.

Another major consideration is the tax implications of the sale. It may be possible to take advantage of an exemption, but events will probably need to take place in a particular order in order to do so. Before deciding the order in which to do things, it would be a good idea to fully understand how to avoid owing more in taxes than necessary after the sale.

The above are just two of the considerations Kentucky couples will need to consider as they enter into the divorce process. How couples handle issues such as this will determine the type of future they face going forward, so taking care to understand all pros and cons of a certain action is highly advisable. In order to fully understand the implications of selling the family home, it would be a good idea to consult with a family law attorney and any other third parties necessary.