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Digg it UP - Divorce and the Sale of the Marital Home
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Most divorce decrees require the sale of the marital home, with the proceeds divi
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In divorce, one of the major challenges is to fairly divide assets acquired during the marriage. Real estate presents a unique challenge. Because of recent changes in the market, real estate has dramatically increased in value. This rapid increase created large amounts of equity for many couples. Large amounts of equity translate into large amounts of money. More important – large amounts of money make it possible for divorcing spouses to create a new life. Potential uses for the money include: the purchase of a new home, moving out of the area, going back to school, or to repurchase lost possessions. Money makes it possible to become “normal” again. That is why the division of the marital home is such a critical challenge that both spouses must solve.
Most divorce decrees require the sale of the marital home, with the proceeds divid
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In divorce, one of the major challenges is to fairly divide assets acquired during the marriage. Real estate presents a unique challenge. Because of recent changes in the market, real estate has dramatically increased in value. This rapid increase created large amounts of equity for many couples. Large amounts of equity translate into large amounts of money. More important – large amounts of money make it possible for divorcing spouses to create a new life. Potential uses for the money include: the purchase of a new home, moving out of the area, going back to school, or to repurchase lost possessions. Money makes it possible to become “normal” again. That is why the division of the marital home is such a critical challenge that both spouses must solve.
Most divorce decrees require the sale of the marital home, with the proceeds divi
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Most divorce decrees require the sale of the marital home, with the proceeds divi
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Most divorce decrees require the sale of the marital home, with the proceeds divi
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Most divorce decrees require the sale of the marital home, with the proceeds divided equally by the divorcing couple. This scenario is the simplest solution. A properly written divorce agreement for the sale of a home must address the following issues: A deadline date for placing the home on the market, who will occupy the house until sale, which spouse will pay expenses of the home until sale, how the house will be listed for sale, and how the sale price will be selected. Unless the divorce decree addresses all issues there is potential for argument and lost money long after the divorce is finalized.
Even though each divorce is unique, there are some common things you can do to make the sale of the marital home a more predictable and smooth experience. If there is more than five thousand dollars in equity, always invest in a licensed appraisal report. A licensed appraisal report is done by a professional appraiser – not a real estate agent. Expect to pay between $300 and $700 for the report. If there
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