Selling after a relationship breakdown
When it comes to selling a property there’s often a bit of emotion involved, but add a relationship breakdown to the mix and it can all feel a little overwhelming.
So how do you manage things and what’s the process when you are selling a property due to a break-up?
Coming to an agreement
As tough as it may seem at the time, it’s important to come to a suitable agreement regarding the property.
This includes considering the following:
- Will the property be sold, will it be signed over to one party or will one partner buy out the other?
- Who will stay at the property prior to any sale?
- How will the sale proceeds be distributed?
In an ideal world, these questions will be answered amicably between the two parties involved. But of course, that’s not always possible.
Even amicable separations might involve legal representatives and if no agreement can be reached that’s when mediation or a ruling by the Family Court might be required.
If the case goes to Family Court, they will decide what happens to the family home based on a range of factors, including:
- The financial contributions of each party
- The non-financial contributions of each party
- Age and health of each party
- Care and financial support of any children
- Length of the relationship
- Future earning potential
Time frame
Although there’s no need to rush into the sale of a property after a relationship breakdown, there are time frames to keep in mind.
Usually, property settlements need to be made within 12 months of a divorce being finalised and within two years of the end of a de-facto relationship.
On the flipside, if all parties are in agreement, you can sell the property as soon as you wish after the relationship ends.
Communication
Throughout the sales process, a series of decisions will need to be made regarding the property, including the best sales method, the price, any improvements that need to be made prior to listing the property for sale, which offer to accept, and more.
Where possible, it’s good to have open communication between the selling parties, but if that remains a challenge, a good sales agent will assist by liaising with both parties or their legal representatives.
A great agent
A trusted real estate agent can help ease the stress of selling a property after a relationship breakdown.
They will work with both parties to understand what needs to be achieved and will then assist in realising that goal as quickly and smoothly as possible.
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