Selling a property while getting divorced
Unfortunately, you can’t always plan for every aspect of your life and sometimes the unexpected can happen when you need to separate or get divorced. The biggest questions are generally “who gets the house” and “who gets the children” followed by:
- Can I sell my house before divorce?
- Who gets to stay in the house during separation?
- How are our assets and property divided during a divorce?
- Selling a house after divorce
- What taxes do you pay on selling a house during a divorce?
Who gets the house in the divorce?
If the property was purchased and the property title deeds are in both names, you are joint owners. You can then decide to either:
- Sell the property and split the proceeds
- Buy out the other half. If there is a mortgage on the property, you will have to get approval from your lender.
However, if a married couple with children is separating, the person who looks after the children the majority of the time will get to stay in the family home until the youngest child reaches 18 years old (or 23 if they are in full-time education). If an agreement cannot be made a family mediation can be arranged. In mediation, a trained mediator helps you to negotiate terms of the agreement in a safe space. If you cannot agree on what happens to the house, the court will make a property adjustment order. This is where the court decides what happens to the property.
Also, remember if you took out a mortgage together, you are both liable for the mortgage payments. So if your spouse stops paying, you are still responsible for the full amount.
Seek legal advice
It is imperative to seek assistance from a solicitor familiar with family law. Solicitors’ fees can vary considerably so shop around and get some quotes before deciding who to use. Find contact details for solicitors on the Law Society website.
Get a property valuation
Next, you should ask more than one agent for a valuation and recommend a guide price. Don’t be afraid to let them know what sort of timeline you are working on as they will be able to best advise. Of course, if you’re hoping for a quick sale then you will most likely need to list at an attractive price however, this is often the best way to achieve a premium for your property.
Appoint an estate agent
It may be difficult to decide on an agent to use, especially if you’re struggling to communicate at this moment in time. Make sure and consider the additional costs involved, and ultimately choose an agent that will make things easiest for you both during this time. Once you have decided, your agent will be able to handle everything.
One of the many advantages Moovingo estate agent has over other agents is the private online dashboard, which means either party can log in 24/7 and view the progress of your sale. We also have much lower fees with no compromise on service, we market your property the same as any other reputable agent minus the hefty fees, allowing you to take more money from the sale.
When to sell a house during divorce
This will depend on your circumstances. If both parties can find alternative housing and can agree to sell the home, then there is no better time than the present. Many times, couples will wait until the divorce is finalized to sell the house, but it is not necessary to do it that way.
Prepare your property for sale
Whenever you sell a home, it is important to ensure that it is in a suitable state to welcome potential buyers. You may find that you need to undertake some small repairs or decorating work to be able to sell the property for the price you’d hope for.
Whilst this might not be something you complete together, it is an essential step in the process of a sale. If you have both already moved out of the property then it may be beneficial for one of you to go back to the house and give it a once over before you start accepting viewings. Possible come up with an agreement on a small budget to get the house in order as it will benefit the sale, a good agent will advise what is required.
Divide any proceeds upon completion
Once you have accepted an offer then the sale can go ahead and all required processes can be undertaken. Of course, once the sale has completed and you have paid all required fees then you will need to divide any proceeds. This will be managed by your solicitor.
It is beneficial to work closely with your solicitor in this regard as you will need to ensure that any proceeds are divided in line with the terms of the divorce, and there may also be other factors that need to be taken into consideration too. You can trust that they will be able to advise you correctly throughout this last stage.
Tax when selling a property during divorce
As your principal private residence, you are exempt from any capital gains tax. Transfers after the granting of a decree are not exempt if they are not ordered by the court.
Separating couples should seek specialist tax advice before entering into arrangements that have Capital Gains Tax implications.
How Moovingo can help
If you’re searching for an agent that can assist you in regard to selling your property in Dublin, please don’t hesitate to visit the Moovingo website. Our experienced team can provide you with a discreet service including an accurate property valuation in Dublin and also offer you a full estate agent service too. You can trust that we will do all we can to assist you with the sale of your property at this time and it is always our aim to get you the best possible price for your home as quickly as we can.
To speak to a member of our sales team about selling a house in more detail, please contact us today. You can reach us here at Moovingo by calling 01 516 9999 or completing the contact form on our website and we will gladly assist you further. Whether you require more information about our services or you’d like to arrange your property valuation in Dublin, we are happy to help.