Considering a Divorce? Read This First…

Okay, okay, this topic is gonna get a little dark, but stay with me because it’s important.  No one likes to talk about divorce, the “D Word” is not a fun topic, I get it, but when it comes to the implications that divorce can have on real estate, I do think it is something that needs to be talked about.

In my experience, there are 2 specific divorce danger zones.  The first is when a couple decides to pull the plug on their marriage before ever having kids, but they do own property together.  The second is when a couple has been together long enough to acquire property, have kids, and they are considered more in their middle-aged years. 

In either situation, there is usually a forced sale situation because neither spouse can afford to keep the property without the other one.  Thinking of this in terms of the danger zones, the younger couple with no kids are likelier to have clean break and go their separate ways.  However, with each spouse now looking for their own residence, this is putting increased demand on the market, but at least in this situation, their marital property is available on the market.

The older couple with the family is going to potentially have a harder time because they may have kids and maybe even grandparents living in the home, and they have likely acquired a lot more marital assets along their way. More assets often means more complicated…

Speaking of marital assets, it is possible in some cases that one party may end up keeping the family home while the other partner seeks a new residence.  This can be a popular choice if, for example, there are young kids involved and one parent chooses to stay in the family home to not uproot the kids, and the other parent moves out. 

It is a sad thing to consider, however, real estate professionals, divorce attorneys, and financial advisors can play crucial roles in helping individuals navigate the real estate aspects of divorce and make informed decisions regarding property division, which can have long-lasting financial and housing market implications.

If you read this blog at all, you know I’m big on preparation. In these instances, it is EXTREMELY important to get out ahead of this… All three of the professions I mentioned above are bound by confidentiality and want to make this process as drama-free and as seamless as possible.