Selling due to divorce
The end of a relationship can be one of the toughest catalysts for selling a property. After all, that home might have been the place you raised a family or the space where you forged dreams together as a couple.
Deciding whether to sell that property and how to go about it can be a major emotional and financial decision.
So how can you make the process easier? Let’s discuss some tips when it comes to selling due to divorce…
Seek advice
Before you decide to sell the property, it’s a good idea to seek advice about your options and the implications.
This advice should take into account the bigger picture, looking at shared assets, debts, whether or not there are children to be considered, and more.
In some instances, it will be clear the property needs to be sold in order for everyone to move on, but in other cases the situation may be more nuanced.
Perhaps one party wants to buy the other out and retain the home, or maybe it makes sense to delay the sale until the children have finished school.
On the flipside, maybe it’s best to sell the property quickly in order to free up cash and reach an overall settlement of all your assets.
Coming to an agreement
If it’s decided the property should be sold, it’s important to come to an agreement about the process, including the timeline, price point, sales method and also the agent who will represent the sale.
Together, you should determine your priorities – whether it’s a quick sale of the property or a price that you will not go below, and it might be a good idea to put these desired outcomes in writing.
If an agreement can’t be reached as to whether the house should be sold, and the timeline for doing so, you may need to seek legal advice and then have the matter resolved either via mediation or in the Family Court.
A good agent is a must
In a separation or divorce situation, an experienced and understanding agent is absolutely critical. This agent will work to ensure the property sells quickly and for the best possible price, while liaising with both parties and helping them agree on things like:
- The property price
- Sales method
- Any improvements or repairs that need to be made prior to sale
- Marketing materials
- The schedule for open homes
- And more
The emotional side
Selling a property isn’t just a financial decision, it’s often an emotional one as well, and the process can be even more emotional if it’s prompted by a relationship breakdown.
Surround yourself with a support team of people you are close to and trust. Take the time to be kind to yourself and appreciate there may be a degree of grief involved.
Importantly, seek the legal and financial advice you need to ensure this is the right decision for everyone, and seek out an agent that you trust.
An empathetic and understanding agent can be an absolute game-changer during an emotional sale, ensuring everyone is on the same page and the process is as stress-free as possible.
