Divorce can be difficult to navigate if you’re worried about your property in Cherry Hill, NJ. Unless you have immediate access to a lawyer, you might be a little clueless as to how to go about selling your home while going through divorce at the same time.
Not to worry! We know that thinking about whether to sell your property while in divorce proceedings under New Jersey law can be really stressful to deal with. We cited a few things to remember below:
Understand the concept of equitable distribution
One of the things you should remember about divorce and property in New Jersey is that according to the law, courts will try to divide property fairly (not necessarily equally) between the parties. This applies to marital property. Cases regarding whether a spouse can sell their house immediately tend to not be resolved before the actual divorce is finalized.
Know what your options are
There are a few things you can do to your property throughout the divorce process. Here are some of them:
Sell the house
This is particularly easy to do if your spouse is more amicable during the divorce. Without the need of a lawyer, it’s possible for both of you to iron things out and sell the home, preferably with both of you splitting the proceeds between the both of you.
Buyout your spouse’s shares
This is the best option if you know that you’re more financially liquid versus your spouse, and parting with more money than you expected won’t be a problem. It’s possible to buy out the entire share of your spouse, but bear in mind that you will also incur any mortgages or loans in relation to the property, so it can be a pricey decision.
Remember that you should consider the following fees, too: attorney fees, title costs, recording fees, and more.
Co-own the house with your spouse
Do you have children in high school or younger? Or perhaps, you’re more amicable with your spouse than you initially thought?
Another decent option to consider is to co-own with your spouse. This will mean that your children won’t have to move and adjust to new schooling, or you can opt to move your entire family out and rent out the property with your spouse. Even if the divorce will be finalized, the both of you can profit from the property you both paid for and lived in.
Choose the right lawyer
Contrary to popular belief, a divorce lawyer should not be someone who coddles you emotionally and is more invested in how you’re feeling versus the state of your assets. Choose a lawyer who can think objectively, and knows whether certain financial decisions you’re making are worth it in the end or not.
A good lawyer can help you coordinate with inspectors and real estate agents that can help you determine the value of your home. This is crucial to the selling process. Even though you want to get rid of a property immediately, a lawyer can help you weigh in on the costs you might incur selling in relation to the costs of the divorce you’re already going through.
Think about maintenance costs
Will keeping the home out to rent cost you more than you realized? Will co-owning the property still be costly, versus selling it?
Try to chart the progression of your costs should the property stay with you for a while longer. If the costs tend to balloon, it is probably best to sell your house as quickly as possible so as not to cause a dent in your finances.
Sell to a professional home buyer!
Ready to move on and sell your home? Contact us at Aim High Properties, LLC where we buy houses for cash in Cherry Hill, NJ. We offer only fair cash offers to clients who are serious about not wanting to deal with hidden fees, commissions, realtors, and property cleaning. Rest assured that we take care of everything for you!
All you have to do is visit our website and fill out the form in our homepage to avail of your cash offer today. We are looking forward to doing business with you. Call us now!