Divorce and Real Estate

Divorce is one of the most stressful situations a person can go through. Selling or buying a home is also one of the most stressful situations a person can go through. When you combine these two events, it is clearly a significantly stressful event.

If you are in divorce proceedings, it's likely that the marital home is the single greatest financial asset of your marriage. Given the financial, and perhaps more importantly, the emotional investment, what to do with the home is likely to be a source of contention.

Disposition of the family home frequently causes problems in a divorce. Custodial parents may want to hang onto the home for the sake of the children. Perhaps one or both spouses can't afford to purchase a similar replacement home. Much depends upon the amount of equity in the home and the ability of each spouse to keep it.

For most couples the family home is the highest valued asset they will have to divide in their divorce. Its division is usually fraught with controversy for varying reasons. It may be difficult to value, is not readily converted to cash and costs a substantial amount of money to maintain.

As if all those things were not enough, your family's emotional attachment to your real estate, in particular a family or vacation home, can cause you to make an irrational or poor decision at the time of the divorce. Your family may be haunted by that decision for years after your divorce.

Some questions that you need to answer are:

• Should you sell the family home?
• Do you keep it until the children are grown?
• Should you keep the home and buyout your soon to be ex-spouse, or vice versa?
• Can either of you afford to keep it after the divorce?

The answers to these questions and others can help you avoid or plan for problems associated with your real estate.

Financial Advice

Always seek the advise of a qualified financial advisor before you make any large financial decisions. We are partnered with the TOP financial planners to help you to create a wealth creation and asset management strategy.

Once you have met with a financial planner, if you decide that you do need to sell your home, Flat Fee Realty can help you to market and sell your home quickly. Please contact us to schedule a time to discuss how we can help you with your Real Estate needs. Call us directly at (507) 6480-2020.

Moving On

Moving on with your future is going to be a wonderful thing. Although your marriage didn't work out, you can still find happiness and a positive hopeful future. Letting go of your old home can be a critical step in the healing process. Do some research on the local communities and figure out where you want to be and then we'll start searching for your perfect home.

Please note we are not attorneys. We cannot make legal suggestions/recommendations for you.