A house is often the biggest asset in a Michigan divorce, and deciding what to do with it can be challenging. Although it’s common that both spouses want to keep the house, sometimes neither spouse wants the property.
Reasons for selling the house
There are various reasons for not wanting to keep the house in a divorce. One of the main reasons is being unable to afford it. If you get the house, you are responsible for paying the mortgage and all other expenses associated with the house. Additionally, you take on all responsibilities of being a homeowner.
Alternatively, perhaps you want to relocate or the house holds too many bad memories. If neither you nor your spouse want the house, the best option is often to sell it and split the proceeds as part of your divorce settlement.
Open and honest communication with your spouse is necessary if you choose to sell your house during the divorce. While divorce is an emotionally difficult time, selling a house requires you to work closely together to get the best possible deal.
Home improvements and appraisals
Determine if any home improvements are necessary or if the house can be sold in its current condition. Making home improvements will likely increase the selling price but how to navigate those improvements require agreement of the parties.
In the alternative, selling the house “as is” will allow you to complete the transaction sooner. Regardless of whether any home improvements are made, speaking to an experienced realtor will likely help you decide what, if any, improvements to make before listing the home and the best price to list it at.
Typically, the profit or loss from the sale of a marital home is factored into the overall marital property agreement.
Solution
The right solution on what to do with the marital home depends on your specific situation. If you would like an experienced attorney to help you navigate your property settlement, contact us for a free consultation.