January 4, 2023

How to prepare for a divorce when you have real estate that needs to be sold

It is important to take certain steps when it comes to real estate and divorce. First, you will need to make sure that both parties are in agreement as to who will keep the property, what amount should be paid by each party, or if the property needs to be sold.

Once all of this has been determined, you will need to have an appraisal done of the property. This will help you and your spouse know what type of price range should be expected when selling the home. You can also hire a real estate agent who specializes in divorce settlements to help with this process. They will be able to provide valuable insight into the current market conditions in order to ensure that both parties receive equitable returns from the sale.

It is also important to remember that the sale process can take some time, so both parties should be prepared to wait a few months before any money will be distributed. During this period of time, it is important to keep communication open and remain patient as the negotiation process can take some time. 

If the home is to be sold, it will need to be properly prepared in order to attract potential buyers. This includes things like cleaning, painting, and staging the home in order to maximize its appeal. Additionally, both parties should agree on a fair listing price that is reflective of current market conditions.

Lastly, if you are dealing with a real estate sale as part of a divorce, it is important to take your time and consult with professionals such as real estate agents or lawyers to ensure that both parties receive fair and equitable returns from the sale. With preparation and patience, you can successfully navigate this process.  

Research First

  1. Begin your search for a divorce attorney by asking friends, family members, or other professionals in the legal field for their trusted referrals.
  2. Research potential lawyers online to read reviews from previous clients and learn more about their areas of expertise.
  3. Contact multiple lawyers and ask questions that help you determine whether they are the right fit for your case.
  4. Meet with each lawyer you are considering in person or via a video call to discuss the specifics of your situation and ask any other questions that you may have.
  5. Check the divorce attorney’s credentials on state bar association websites to ensure that they hold an active license and have no disciplinary actions on their record.
  6. Consider whether the divorce lawyer is willing to negotiate a fee structure that works for your budget or allows you to make payments over time.
  7. Ask if the attorney has worked on cases similar to yours in the past to gain an understanding of their experience and success rate.
  8. Consider whether the lawyer has an open and friendly demeanor that allows you to feel comfortable discussing personal matters with them.
  9. Make sure you understand the terms of any retainer agreement before signing it, as this document outlines what services you can expect from the attorney and any associated legal fees.
  10. Trust your instincts and select the lawyer you feel most comfortable with. Good communication is essential for a successful attorney-client relationship, so make sure that you have found someone who listens to you and takes your needs into consideration.

15 steps to navigating the divorce

  1. Consider speaking to a qualified family lawyer, who can provide advice and ensure that your interests are protected in the process.
  2. Gather all necessary documents - such as any deeds, prenuptial agreements and tax returns - that may help you with your case.
  3. Make sure to keep records of all communications and payments that occur between you and the other party.
  4. Research local state laws regarding divorce, as each one may be slightly different from another.
  5. Prepare a financial statement outlining your income, expenses, assets and liabilities so that an equitable distribution can be made.
  6. Understand the types of divorces available to you - such as a no-fault, uncontested or contested divorce - and determine which one is the best fit for your situation.
  7. Create an initial proposal outlining what you believe should be included in the final divorce agreement.
  8. Discuss the proposal with the other party, being open to suggestions and compromise.
  9. Seek to have the divorce agreement drafted by a lawyer, if possible, to ensure that it is legally sound.
  10. Carefully review the draft divorce agreement for accuracy and make any necessary revisions before signing it.
  11. File the divorce paperwork with your local court's family law division.
  12. Attend any court hearings that may be required in order to finalize the divorce agreement.
  13. Follow through with any necessary tasks or payments outlined in the divorce agreement after it has been finalized by the court.
  14. Take time to grieve and seek out support from family, friends, or a therapist during this difficult time
  15. Celebrate your newfound freedom and look forward to the future with optimism.

10 steps to handling real estate in a divorce

  1. Consult with a qualified real estate attorney to understand your rights and responsibilities concerning the properties in question.
  2. Gather all of the necessary documents which may include deeds, mortgages, rental agreements, and tax returns related to the property.
  3. Create a list of all assets and debts associated with each piece of property to be divided.
  4. Determine the current value of all properties in question and consider hiring a professional appraiser if needed.
  5. Discuss potential solutions for dividing the assets with your ex-spouse, keeping fairness top of mind. 
  6. Create a written agreement outlining how each piece of property will be divided.
  7. Have the agreement reviewed by both your attorney and your ex-spouse’s to ensure that it is legally sound.
  8. File the divorce paperwork with your local court's family law division and have them review the real estate division agreement.
  9. Follow through with any necessary tasks or payments outlined in the agreement once it has been approved by the court.
  10. Seek professional advice when selling properties to ensure that you receive a fair price and are protected through the process.

After going through the process of divorce and real estate division, it is important to take time to adjust and heal. Give yourself permission to take care of your mental health during this difficult time by reaching out for support from family, friends or a therapist. With patience and resilience, you can move on with your life in a more positive direction. With the right advice and legal help, you can ensure that your divorce is handled fairly and with respect to both parties.

Good luck as you embark on this new journey!