Considerations when selling the family home in a divorce

Considerations when selling the family home in a divorce

| Sep 3, 2020 | Property Division |

For many Kentucky couples, ending a marriage means dealing with the family home. If the parties decide that selling the home as part of the divorce would be the best option, they may want to consider some things prior to doing so. Below are some issues that could help couples get the most out of the sale of the family home.

First, a Kentucky couple may want to consider when would be the best time to put the house on the market. Even though the parties may want to get through the divorce process as quickly as possible, it could be a costly mistake to wait until the divorce is final to do so. Selling prior to filing could provide significant advantages.

Before putting a home on the market, the parties may want to have the home inspected in order to know what repairs may be required. Sorting out the financial issues associated with any repairs would most likely be easier prior to the divorce. There are also tax implications to think about as well. If the parties can wait to file the divorce, it might just be better to sell the home first.

Of course, everyone’s situation is different. It may not be possible to wait. In either case, it would probably be a good idea to consult with a family law attorney before making any decisions regarding the sale of what is most likely a couple’s largest asset. If the parties can sit down and determine what they want their post-divorce lives to look like, they may just come to an agreement that affords each of them a good start to their respective futures.