A home or property is most likely the largest joint asset you share with your spouse, and this makes it difficult if you have to divvy it up in divorce proceedings. Your personal situation can complicate the final decision: should you sell the home outright, buy the other person out, or co-own it as an income property?
Investment Property Guru Matthew Scott can work with both parties to determine the best course of action. He knows how to work with sensitivity and efficiency so that his clients get the most money out of their investment!
Taking Care Of Property After A Divorce
Divorce properties are a sensitive subject, but every couple is unique. Some choose to sell in order to give both parties a fresh start, some want to keep the home in one partner’s possession for the sake of the children, and sometimes both parties want to use the property for income they can share.
There are many options that can appease both parties in a divorce:
- • One partner keeps the home after buying the other one out at an agreed-upon price.
- • One partner remains in the home for an agreed-upon timeframe prior to selling, with the mortgage paid according to an agreement.
- • One partner removes the liability from the other by refinancing the home and taking on a new mortgage in their name only.
- • The property is sold before the divorce or after it is settled and the equity is split.
- • Both partners keep the home as an investment property, with the profits split evenly or used to pay the mortgage. If there isn’t a lot of equity built up in the home, this can be the ideal scenario. Sometimes, it’s wise to have the property handled by an impartial property manager.
- • If neither spouse wants to stay in the family home, or if neither can afford to buy out the other, the property can be put on the market and both can work to get the best possible price for it.
What to do with property can be one of the messier aspects of divorce. Off-market sales can give you the privacy necessary when dealing with the sale of a home after a divorce. If your solution involves selling the property or turning it into an investment, Matthew Scott can give you the right direction for private, off-market real estate that can aid either option.