If both you and your spouse want to sell your home and split the profits, you will need to conduct this action in a legal and fair manner. This is a relatively straightforward process. Essentially, divorcing couples must agree to the listing price for the property, and will also need to negotiate a schedule for showing the home and dividing expenses if there is a sale. Once the home is sold, the parties will need to decide if the processed will be escrowed or distributed.
Also, divorcees will want to make sure to note how proceeds will be escrowed and distributed in the equation. Divorce attorneys suggest that divorcees check on their exposure to capital-gains tax after the divorce and determine how this will be paid. If a couple chooses to sell a home, but can't sell the home profitable, then this could be a serious concern.
Selling and taking a loss may be the only option in a messy divorce if each person wants to rid themselves of the house. Another option is for one divorcee to remain in the home temporarily and then both divorcees can agree to split the cost of an eventual sale. The couple will need to divide any profits or losses that are incurred from the stable.
If you are involved in an amicable divorce, then you may be able to rent the home out and be co-landlords on the process. This will only work for couples that are able to work together. If you want more information about what to do with the marital home, you can talk to a lawyer at Cutter & Lax today. A San Fernando divorce lawyer at this firm should be able to assist you as you try to navigate through the difficulties of a divorce and all the decisions that come with it.