Real Estate and Your Pending Divorce

Colleen Kulikowski March 28, 2016

Divorce is rarely easy, and it often means a lot of painful decisions must be made. Real Estate in this context can be confusing. These decisions are important and they can have long ranging effects on the financial future of both partners. After making the decision to divorce, one of the most important decisions is what to do about your home.

Historically, the family home is the asset that most often causes controversy both before and after a divorce. In the midst of the heavy emotional and financial turmoil, it is important to be non-emotional and straightforward in how you decide to deal with the Real Estate from the marriage.

Once you know how a divorce affects your home, your mortgage, and taxes, critical decisions may be a little easier. Neutral, third-party information can help you make logical, rather than emotional, decisions.

There will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or is it better to sell and buy something else?  How much house can you buy on your new budget?

Your Options Regarding your Real Estate

  • One party buy the other party out
  • One party could keep the real estate and pay the existing mortgage
  • One party could keep the real estate and refinance the mortgage in in his/her name
  • Sell your Western New York Real Estate and split the proceeds

Many times selling your Western New York home is the best thing to do. It may be easier to start fresh without the memories of the old home.

What it really comes down to is working together to reach a common goal as quickly as possible. It is my job as your Realtor® to be neutral. Together, we are a team. We have a common goal – to sell your WNY home for the best price as quickly as possible with as few complications as possible.

Remember that who did what to whom and other arguments are completely separate from this transaction. This will be the last time you will need to have a united front. It’s a tall order, I know, but it can be done.

What about one of these Homes?

All statistics are gathered from the Buffalo Niagara Association of REALTORS®.

For more information, call our J. Philip Real Estate Team at (716) 650-0051

Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.

Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2016 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.

 

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