Property Managers MA: What happens to Marital home after Divorce
The worst part of a divorce is when the marital home ends up being divided. In almost all divorces the marital home is the most valuable asset owned by both parties. Not only does it have a lot of value but it also has a lot of sentimental values. It is not easy building a home and moving away from it coz of a divorce. Unfortunately at the end of the day one of the parties gets the home or it ends up getting sold.
When both sides agree
There are times when both parties agree that one of them gets to keep the home while the other buys out the person’s interest in the property. This is why the home needs appraisal from a real estate appraiser to determine the market value of the home.
The other solution is to agree to a fair market value. Then they must deduct the mortgage payments left. This will help them decide the net value of the house. In some scenarios the real estate commissions are also deducted so that the net value of the house can be established.
Once the two parties establish the net value, the person who wants to keep the home will have to pay the other party the value of the share. This amount can be paid over time with interest, paid off with a lump sum or set against other assets. The only problem is that the party which gets to keep the home will have to refinance the mortgage so that the other party is not liable for any payments for the house.
Property Managers MA: When there’s disagreement
In the event that both parties can’t come to an agreement then the courts have a role to play. They can ask both parties to agree to a sale if they can’t agree on who keeps the home or if either of them can’t afford to keep it.
The only issue is that a real estate agent will have to be appointed or agreed upon by the court. Then they also need to determine a listing price which includes reductions if the house isn’t sold immediately.
Then there is the issue of the expenses and who will pay them while the house is on the market. If one party is not happy about selling the home while living there, then he or she could sabotage the sale of the home. In this scenario the court order needs to come with penalties if there is any breach of sale of the home.
So at the end of the day a home sale is much easier if both sides remain objective and move forward with their lives.
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