Divorce is a topic many of us would prefer to avoid. It can be unbearable to imagine breaking up permanently with your long-time partner or spouse. That said, no one knows what the future holds, and planning for the unthinkable can help protect you and your loved one in the worst-case scenario.
In this post, we’ll help you prepare for what we all hope will never happen. Today, let’s take a look at what you need to know about selling your home during a divorce.
One of the first things you will need when selling is an accurate assessment of your home’s value. You can book a complimentary evaluation with our team right here.
Obtain Legal Counsel
First things first, please note that this post is for informational purposes only. It’s to show you what selling your house might look like in case of divorce as well as to streamline the process as much as possible.
However, we are not lawyers, so this information should not be considered legal advice. Before taking any steps to prepare your house for the market, it is best to consult with an experienced family lawyer. Even better, you can work with a lawyer before buying your house in the first place if you haven’t already.
If you need a fast sale, some background work is essential. The posts below will help you prepare:
- Quick Guide: Preparing Your Home for the Spring Market
- 5 Landscaping Tips For Home Sellers
- What Every Seller Should Know About Home Inspections
The Matrimonial Home Is Special
The matrimonial home is unique in many ways. It’s where you live and create your memories together, but that’s not all. It’s also in a class of its own when it comes to your financial assets under the Family Law Act of Ontario.
When legally married, both spouses have an equal right to the house whether both names are on the title or not. As such, you cannot sell or put another mortgage on the home unless your partner consents or you have a court order.
The matrimonial home doesn’t necessarily just mean the house you live in on a day-to-day basis. It could also mean a cottage or vacation home that you stay in for short periods of time.
Start With a Separation Agreement
A separation agreement might not be required by law, but it will make selling the matrimonial home far easier. The two of you will need to sit down at some point and decide on the terms of the sale, or even if you will sell at all.
If one person wants to keep the home, they may be able to buy out the other’s share. This can be the best option whenever there’s an emotional attachment. If children are involved, it can provide a sense of stability and normalcy as the marriage dissolves.
After much discussion, you may both realize that selling the home is your best path forward. The separation agreement will outline terms such as when to list the home, the price, and what real estate agent should represent you.
Whether you’re buying or selling, the right representation can help you make the best choices while removing stress from the transaction. Learn more in the posts below:
Choosing Your Real Estate Agent
One of the first steps to selling during a divorce is to decide what real estate agent is best to handle your transaction. This isn’t your typical scenario, so you will want an expert who knows the process inside and out and is prepared to handle any complications or tensions that may come up.
- If your split is relatively amicable, working with a single agent can streamline the transaction while creating a united front for any potential buyers who come through.
- If there is conflict, it may be better for you and your former spouse to work with two different real estate agents. This minimizes any contact between you and ensures a business-like transaction. The last thing either of you wants is for potential buyers or their agents to sense tension – otherwise, they might work that much harder to negotiate your price down.
- Another option is to work with two separate real estate agents under the same brokerage. Each of you has your own representation, while shared resources can streamline your transition. If your situation is “peaceful but complicated,” this might be the best choice.
An experienced and compassionate real estate agent can alleviate much of your stress during this time, whichever direction you decide to go. Most importantly, be sure to choose someone who is committed to a high level of service and will stay neutral throughout the transaction.
When you’re ready, you might want to buy a new home after yours sells. If that’s the case, the posts below can give you a head start:
- 5 Little Known Things to Look For When Touring a Home
- Buying an Older Home In Toronto’s West End
- What Every Homebuyer Should Know About Toronto Townhouses
Preparing the Home for the Market
Often, timing is an essential factor as to when to list a house for sale. During a divorce, this decision is often made for you since a fast transaction is usually necessary. This also means having to prepare the house for the market in record time.
Proper cleaning, minor repairs, and staging can all help you earn the highest amount from the sale. When both of you are relying on a successful outcome to enable you to go your separate ways, you can’t afford to cut any corners. All the same, you may not have time to handle these important tasks while juggling your daily life and going through a divorce.
You could offer a concession on the price by selling the house as-is. This would help to facilitate a faster sale, but you would also earn less, which could make it more difficult to pursue your next steps. The good news is you don’t have to compromise when you have a full-service real estate team working for you.
A well-established expert with the pulse on the market can point out what upgrades will likely have a worthwhile return on investment. We can also show you what renovations you can skip with little or no impact on your bottom line.
Teaming up with a Realtor® who has a stellar reputation in the area can save you time while maximizing your earnings. If there are any high-value repairs that you are unable to handle, we can put you in touch with professional cleaners and other tradespeople to get your home looking spectacular with minimal hassle. In the meantime, you can surround yourself with supportive friends and family as you begin your healing journey.
Do you have questions about selling your home during a challenging situation like a divorce? Our West Toronto real estate agents are here to help you through it. Reach out today at 416-769-3437 or email info@sidorovainwood.com with any questions or to get started.
