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Selling a home as part of a divorce

Divorcing couples in Texas are often concerned about what assets they will receive as part of their settlement or decree. Even in an amicable divorce, questions about the division of retirement accounts, business assets and other forms of marital property can become contentious.

In many cases, the most valuable asset the couple has is their home. Unless the couple has significant liquid assets, the home may have to be sold so as to ensure that each spouse leaves the marriage with the assets to which he or she is entitled. In a strong real estate market, selling the home for its full market value can be a quick and simple process. Circumstances can make the sale of a home difficult, however, which often makes the divorce take longer than the couple initially expected. The media is often full of reports about how even celebrities may have difficulty selling their multi-million-dollar homes after a divorce.

In situations where a couple has difficulty selling real estate or agreeing on a sale price, it may be helpful to bring in legal, financial and real estate professionals to review the situation. These professionals may be able to double-check the valuation of the home and assist in speeding up its sale.

A divorcing spouse who has concerns about how the property obtained during the marriage will be divided may benefit from speaking with an experienced divorce attorney. Legal counsel can review the client's situation, as well as the current value of any real estate that the couple owns and which is community property. From there, the attorney may be able to assist in the drafting of an agreement for the sale of the property as well as an appropriate division of the proceeds. In addition, the attorney may be able to make recommendations regarding other property, including artwork and items of sentimental value.

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