Selling the Family Home After the Family Splits

 Posted on January 15, 2013 in Divorce

Divorce is one of the most difficult things that a person can go  through in his or her life. According to the Holmes and Rahe stress scale, divorce is consistently rated as either the first or second most stressful event in life—second only to bereavement. In addition to the stress of losing your partner, emotionally as well as financially, divorce proceedings include loads of paperwork and administrative stress. Selling a home is among these complicated processes that divorcees have to wade through. Especially if there are children involved, many couples decide that one party of the divorce gets to keep the house. This can be easier, despite strange feelings that can come up when one divorcee visits the other in the old family home. Also, as Deborah Innocenti, a New Jersey real estate agent told the Chicago Tribune, “listing the home becomes another huge symbol of their losses,” which can lead to not only increased emotional stress but financial stress as well. Yet many couples cannot afford to pay a mortgage on a house intended for two working adults, and thus selling the house is the only option. There are several things to think about if putting the house up on the market during a divorce. While some couples may want to rid themselves of the property right away, watching the market for the most opportune time is highly advised. Divorce can be expensive, and taking a loss on the house only makes it more so. If you have children, the decision of where the children are going to live post-divorce needs to be considered before selling the home. Perhaps the most important administrative decision if selling the home during a divorce is to whom the proceeds go, or how they are split. If you or someone you know is considering divorce, selling a home is only one aspect that an attorney’s help could be beneficial. Don’t go through it alone. Contact a dedicated Illinois family law attorney today. Image courtesy of FreeDigitalPhotos.net