Selling the Marital Home in a Pennsylvania Divorced
When it comes to dividing marital assets in a divorce, one of the most difficult items to allocate is the marital home. It’s customarily the single largest marital asset and cannot be meaningful divided between the parties. You may agree to have one party remain in the house and offset the value of the real estate by giving the other party a greater share of the remaining assets. The most common way to resolve the issue, though, is to sell the marital home. Here are some things to consider.
The Costs of Selling the Home
Ideally, you’ll be able to sell the house for more than the amount owed, so you should have some type of profit. However, there will also be costs associated with the sale of the home, including an agent/broker fee, closing costs, appraisal fees and the costs of a survey. You may be able to get the buyer to assume some of those costs, or you can have those costs taken from the proceeds of the sale.
Don’t Try to Sell the Home on Your Own
If you have some business savvy, this can often be a good idea—but not when you are in the middle of a divorce. You won’t be able to focus appropriate attention on all the details and you may end up selling for less that the property is worth. In addition, an agent will help you determine the best price at which to sell, so you don’t have to bicker about the asking price. Another advantage of an agent—they may be willing to “stage” the house, so you don’t have to determine who will prepare the house for sale.
Agree How Proceeds Will Be Divided before You Sell
This is something that should be worked out by your divorce attorney. Make certain before you sell that you know exactly how any net proceeds will be allocated. Be sure to include reimbursement of costs or additional payments.