During your marital breakup, you need to figure out what will happen to your shared home. You have plenty of options to choose from and specific laws of your state may have a significant bearing on your final decision.
Before opting to sell or stay, find a reputable divorce lawyer, such as Peters May divorce specialists, for example, who can guide you through the process of divorce settlements and help you understand the pros and cons of common scenarios like co-ownership, joint-selling, and spouse buyout.
Real Estate in Divorce
Asset distribution after a divorce is convoluted and can be confusing. Rather than trying to figure it out alone, you need to work with a divorce lawyer who understands your financial position and will fight to ensure that you get a fair deal after the breakup.
In general, there are three ways real estate can be divided post-divorce:
- Sell:
Simply put, you and your partner decide to leave the property in the past. Once the property is sold, the proceeds can be divided as previously determined by a real estate lawyer or the courts. - Spouse Buy-Out:
If you have the financial backing, you may be able to buy your spouse out of the property. This can be a great option if you’re invested in the home and want to stay put for years to come. You’ll usually take out a loan and draw up a new mortgage in your name alone. - Joint-Ownership:
Joint ownership can be a great option if you want to buy your spouse out, but don’t currently have the financial leverage to do so. Joint ownership will give you time to get yourself together and put forward a bid.
When deciding on a path forward, it’s important to consider contextual factors like children and state law. If, for example, you will be the primary, custodial parent of your kids, then you may want to pursue joint ownership to give your children a stable family home to grow up in.
You should brush up on state law before deciding on your next move, too. States like Arizona, California, Idaho, and Louisiana use community property laws to govern the division of assets after a divorce. In general, this means that all assets acquired during the marriage are joint property and, as such, will be divided equally following a divorce.
Before you start any home remodeling – such as a kitchen or bathroom remodeling, adding an addition, building a new section onto the home, and other major renovation project, run some financial numbers to determine whether the renovation is a smart investment.
The numbers include the estimated costs, home value assessment, financing costs, and other related calculations.
Review these cost-related issues to remodeling vs. buying a new home.
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The 2nd step for planning your home remodeling is deciding what you would like to do.
Will it be a –
- remodeling your kitchen or bathroom,
- converting the attic or basement,
- adding an addition or extension to the home,
- changing out your deck or patio into an all-season room,
- upgrading the home with new windows, doors and flooring,
- redesigning your landscape with new features,
- or something else.
Start collecting ideas by referencing our collection of remodeling analysis: view directory
Step 3 is sketching your ideas on paper (or digitally) and developing the spec plan.
The spec plan determines what type of home remodeling materials, items, and design considerations that will be needed. It will also contain the product specifications for each renovation element.
You will use the spec plan and architectural design to bid the project out to a contractor.
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Step 4 is finding and negotiating the contract with a remodeling contractor.
Give your home remodeling ideas and specs to a contractor for review and bid analysis. Use the local network (aligned with HomeAdvisor) to find the right contractor for your project.
Review guides for contractor selection and negotiation.
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| selecting your contractor checklist |
| contractor negotiations | |
| contractor evaluation form |
Step 5 is arranging financing once you selected the contractor and finalized the contract for your project.
Using the equity value in your home is one of the best financing option for home remodeling. Start with a home equity line of credit or use the bank equity program.
Other options may include cash-out refinancing, personal savings, and/or financing from home improvement contractors.
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Step 6 is where the project begins.
It starts with setting up the work area, removing everything that needs to be replaced, installing electrical and network connections, putting in the final touches, etc.
It also means working with the contractor, managing the project, and getting the home remodeling project inspected before releasing any funds.
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Home Inspections
If you do decide to sell, you’ll need to have your home appraised by a trusted home inspector. A home inspector assesses more than the financial value of a home; they also ensure that the house is safe for your family and will be able to estimate future costs like new roofing or repairs. A home inspection assessment will also review the effectiveness of things like:
- Heating and cooling, including AC units, HVAC systems, and thermostats;
- Plumbing;
- Sewage;
- Framing and the general condition of the home.
Getting a home inspection before you decide to buy your ex-spouse out can protect your long-term financial well-being. A home inspector may be able to spot structural faults and potential problems like exposed pipes and faulty septic tanks. This can save you plenty of cash and prevent a major misstep during the divorce process.
Consider Renovations
Renovating after a divorce may sound like an exercise in futility. However, renovations can add serious value to your property and bump up the market price of your house. If you decide to stay in the home, renovations can help you put your stamp on the house and make it easier to move on after separating from your spouse.
Renovate in preparation for selling by upgrading your kitchen or bathroom. Even cheap changes, like adding a new set of LED bulbs to your cooking area, can make the space feel modern and draw in higher bids. If you have a little more cash to spend, consider installing new bathtubs, toilets, and taps. These changes freshen the space up and will make the space look clean.
If you decide to stay, consider making an interior design change that freshens up the space and helps you find post-divorce peace in your home. You likely have more space to yourself after leaving a spouse and can put that square footage to good use. Building a calming environment in your home by making decor changes like:
- Clear up the Clutter:
Piles of old piles of toys, magazines, and keys will spike your stress and make you feel disjointed. Sell your unused items and invest in storage to make your home feel that much calmer. - Bring Nature Inside:
House plants and flowers bring a pop of color to your home and can have a calming effect on your brain. Start simple with a few monstera or air plants that require minimal looking after. - Boost Natural Light:
If you have the budget, install some skylights and extra windows to make your space feel lighter. Alternatively, invest in some well-positioned mirrors and incandescent bulbs to encourage a calmer atmosphere in your house
A tough break-up can be emotionally taxing. However, you can make the process easier by turning your house into a sanctuary.
other related articles of interest:
Conclusion
Deciding what happens to your home after a divorce can be a serious source of stress and anxiety. Make things easier by working with a divorce lawyer who understands state law and will ensure that both parties get a fair deal. If you decide to stay, make the space your own with calming upgrades that turn the home into a sanctuary for yourself.
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Image credit: what happens to your home when getting a divorce by envato.com
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