Sale Of Your Home During A Divorce In South Carolina
One of the most productive methods for a couple to move forward with a divorce, and on with their lives is to disconnect emotionally and handle the sale of the home in a business like manner. Because the marital home is usually the greatest asset in a marriage, it is also the greatest liability. You must give a lot of serious thought in securing settlement terms that protect both parties, especially the spouse who is departing the home. When entering into your marital settlement agreement, your lawyer should specify who is financially responsible for the mortgage, the homeowner insurance, utilities, and upkeep of the marital home.
If the spouse occupying the marital home is responsible for listing, showing, and selling the home. the other spouse may be obligated to pay part of the mortgage as well as contribute to the upkeep of the home. If the occupying spouse shows little effort in getting the house sold, the marital agreement should provide a timetable for the sale of the home. It is important for the marital agreement to include provisions outlining the steps to be taken if the house cannot be sold within a specified time or if one spouse fails to meet any financial obligations.
Be careful some spouses are tied to the house, not only by their children, but by their own emotional investment. The house represents stability and a happier time and provides shelter from the trauma of divorce. In keeping it, they may feel more in control of their situation. Some may think that keeping the home makes them the “winner” despite the financial hardship it can bring. It is difficult enough to deal with divorce without later learning that unforeseen or un-budgeted expenses have crept in an taken a big bite out of an already tight budget. Be realistic about what is affordable.
You want to get the most out of your major investment and emotions can sometime cloud your judgement
