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Selling family home may be viable option during divorce

One of the major sticking points during the dissolution of a marriage is the division of assets and property. In particular, it can be difficult to agree on how to handle the marital home. A couple of tips may help people address this asset in as amicable a manner as possible during divorce in Massachusetts.   

A viable option for splitting a family home is to sell the house and then simply split the profit. However, a person cannot determine the equity just by looking at the property's current valuation, as there are several expenses along with real estate salesperson commissions. Some of the expenses include interest accrued, property taxes, recording fees, transfer taxes, legal fees and mortgage loan balances.

A real estate agent can help a person figure out his or her bottom line by giving the person the seller's net sheet. This will help with projecting exactly what amount a person can anticipate getting from selling the marital home. Through proper legal guidance, the individual can then determine if selling the home makes the most sense financially considering his or her circumstances during the divorce.

If two people are able to find common ground during the divorce process, they can take part in negotiation or mediation, which will prevent further court intrusion. However, if the couple cannot see eye to eye to make these options work, then litigation may be necessary. At this point, a judge will have to decide for the couple how their assets will be split in Massachusetts.

Source: dailyrepublic.com, "Divorce and the family home", Nicole Solari, Oct. 15, 2016

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