Divorce and Real Estate North Fort Myers
*** This is not legal advice, just the sharing of our experiences in dealing with Divorce and Real Estate North Fort Myers
In the course of our business, we often represent sellers who are getting divorced.
Divorce (or dissolution of marriage) is the termination of a marriage or marital union, the canceling and/or reorganizing of the legal duties and responsibilities of marriage, thus dissolving the bonds of matrimony between a married couple under the rule of law of the particular country and/or state.
The purpose of this entry is to discuss divorce and real estate North Fort Myers. There are many other factors within the process of divorce. As with anything, please seek competent legal counsel. Here is a link to some information that the Florida BAR has put out Divorce In Florida Pamphlet
For assets involved in Divorce and Real Estate North Fort Myers you have a few options:
1. One of the divorcing parties retains the home.
Very often one of the parties wants to remain in the house. In such case, the cleanest approach is to have the remaining party pay the departing party the latter’s share of the net property value. This requires that the remaining party have the cash needed for that purpose. The two parties must also agree on how their respective ownership shares are to be calculated, and how the house will be valued. Since the property is not being sold, its value must be based on an appraisal, which requires the parties to agree on who will select the appraiser, who will pay for it, and whether marketing costs will be deducted from the valuation.
A clean break also requires that the departing party be removed from any existing mortgage obligation. This means that the remaining party must have the income and credit required to refinance the mortgage in her own name.
2. Sell the home.
Selling the house is the way to a quick and clean break: The only issue is deciding how the proceeds are to be divided, although this can be quite contentious when it is not agreed upon beforehand. Unless the couple can agree to accept the judgment of a neutral third party, it will have to be delegated to lawyers to negotiate, at which points the costs begin to mount.
One approach a third party could use is to divide the net proceeds according to each party’s contribution to the equity in the house when it is sold.
A few other things from our experience. Your listing agents should have a “focus on what they are there to do” attitude. Divorce, for the most part, can be emotionally exhausting. The Real Estate Agents involved should focus the transaction and the transaction only. Thereby removing themselves from the divorces commonalities.
Another thing to factor for Divorce and Real Estate North Fort Myers:
Real Estate inherently has a cost to keep. Its “burn rate” Burn rate is defined by the cash spent each month to retain the asset. You also have to factor in, that the attorneys involved are generally billing by the hour. While you do not want to leave money on the table, a fast sale tends to benefit all involved. The longer the divorce goes on, the less and less assets there are to divide up.
If you have questions about selling your home in North Fort Myers call us at 239 694 3300 or