Real estate & divorce
For many couples, a home is the greatest asset divided during a divorce. It’s imperative when dealing with a divorce an agent is aware of who holds legal title and has the authorization to sell the subject property. As one could imagine, ownership questions of this nature can be challenging. It’s always best practice to review the divorce decree to confirm the party with authorization to sell. In a typical divorce decree, you will look for the section Division of Marital Estate, and the subsection Provision for Real Property. It’s possible for a party to still technically be in title while having agreed in court to give up interest in the subject property. In situations like this, a new deed will need to be recorded to legally clarify who maintains their vested interest.
There aren’t many differences between selling a home, and selling a home during a divorce. However, one difference is clearly defining the division of assets. It’s important to have a complete understanding of which parties are receiving funds from the sale, and if those funds are going into a trust account pending the finalization of divorce. A good real estate agent can use this as an opportunity to help their clients. The value a potential client gain from agreeing to the listing with a certain agent is shown directly in the division of assets. Once you have the listing and are ready to proceed with the sale, keep in mind the potential need for separate closings.