For many people in Texas who are going through a divorce, one of the primary concerns is to figure out the aspects of property division. And, as many couples know — or will find out — oftentimes the biggest asset that needs to be divided is the family home.
In some cases, it makes sense for one spouse or the other to keep the house — and with that, assume the mortgage payments. However, for other couples, a mortgage that was previously being paid on a combined income isn’t sustainable on a single paycheck and it’s better to sell the property and split the profits — if there are any.
Of course there are other considerations that must be made. If the couple happened to buy at a time when they might have overpaid, selling at the time of divorce might not make much financial sense. It might be better to try to rent the home until it is fiscally sound to put it on the market.
For those splitting couples who do want to sell, there is an emerging trend among real estate agents: focusing their business on divorcing couples. Agents are sensitive to showing a house where it is apparent that one person has moved out due to divorce — not only can it make the showing somewhat awkward but potential buyers might interpret divorce as an invitation to extend a lowball offer.
Before someone makes the decision to sell a house due to divorce, however, it might be wise to consult with an experienced divorce attorney to determine the potential ramifications of such a sale.
Source: The New York Times, “After the Breakup, They Help Sell the House,” Elizabeth A. Harris, April 1, 2013