Buying or selling in the Carolinas?

Divorce is one of life’s most trying and difficult events; followed by selling a house after divorce agreement in the Carolinas. Most couples remain connected after their divorce, even after the marital bonds have been legally dissolved. This is especially the case with couples who purchased a home and/ or other properties during their marriage. Deciding what to do with the home is a contentious issue. In most cases, a single spouse is unable to maintain the house on his or her own. Sometimes, the couple may opt to sell the home and equally share in the proceeds.

This brings up the point, “what options do divorcing couples have for selling a house after divorce agreement in the Carolinas?”

Believe it or not, the options that you have depend on how the divorce is handled. In a majority of cases, it is in both your interests to arrive at a settlement on dividing the property before it becomes a long, drawn-out battle in the courts. The home and other types of real estate are the couple’s most valuable assets. If the judge rules on dividing the property, you and your spouse will have less control on what goes to whom.

Before the matter becomes so complicated, divorcing couples have 3 basic options with regards to selling a house after divorce agreement in the Carolinas:

1. Sell, Sell, Sell

This is the best solution for both parties. Selling the house and dividing the profits will ensure that both parties will benefit from the sale of the home. It could be that neither spouse is able to afford the home on his nor her own or for emotional reasons neither of them want to keep it.This way one doesn’t have to worry about having their credit damaged if the other fails to pay no or in the future.

2. Buy Out

If one spouse is able to afford the house and wishes to keep it, then the other spouse can sell their interest in the property to the other person after divorce agreement in the Carolinas. The purchasing spouse may be able to discuss a plan to purchase the other spouse’s share. In this case, the spouse who wants to keep the home may have to opt for a new mortgage. This is the risky element of this particular transaction.

3. Co-ownership

In this option, the divorcing couple may wish to co-own the home. Many people vie for this decision when children are involved. They mutually decide not to displace their children from the home.

The success of the third strategy depends on the following:

• Both spouses mutually understand that the entire mortgage amount of the house will be listed on both people’s credit reports. This means if the spouse who chooses to cover the mortgage fails to make a mortgage payment or falls behind; BOTH credit reports will be negatively affected.
• Both must understand that this is a new business only relationship rather than a former family relationship. Any agreements reached between both parties, i.e. payment schedule to the other spouse for eventual ownership, should be stated in writing.
• Each spouse must understand that their respective financial futures will be affected by the choices of the other, particularly concerning the property during co-ownership of the home.

Selling a house after divorce agreement in the Carolinas may be the most difficult decision facing the couple, but they have a choice to sell, buy out or opt for co-ownership.