Among the biggest questions that a divorcing couple might face during this time is what they could do to their marital home. A possible answer to this question includes buying out the other but there is also another good route to take which is to sell and divide the sale proceeds between the two parties.
In any situation, there are a couple of advantages and disadvantages that one can consider before finalizing the decision. In this case, one big disadvantage worth considering is the fact that children who have already stayed in the house for quite some time will be uprooted.
On top of that, there are several fees that need to be paid prior to the sale. These fees include the broker’s fees, any capital gains tax, settling any mortgages, among others.
However, the prime advantage is the opportunity to begin anew. Many couples consider the selling of the house as an act to create closure to their marriage.
Once you have reached the decision to finally sell the house, you will now embark on a tedious expedition and a highly-detailed procedure that will ultimately result in the final sale of your once marital home.
In this post we will take a look at what one can expect during this complicated period of your divorce; whether a court intervention is required, and whether reaching an amicable settlement can be a great route to take.
What to Expect When Selling Your Marital Home During Divorce
Going through a divorce is a very tumultuous period in one’s life and one that can be considered as a highly stressful one as well.
Studies have supported that divorce has a great negative effect on the mental well-being of the wives, husbands, and the children involved.
That said, among the things that one can expect during selling the house during divorce is the likelihood of the couple to act on their emotions.
This is not ideal because, one of the benefits that one will likely risk if people acted on their emotions is the house being sold at a lower price than it could possibly be sold.
It is important to always keep in mind that while there is a high sense of urgency to settle the house being sold, getting the best price should be the main priority in order for both of the couples to get the most out of the selling proceeds.
Before reaching the point of sale, the couple must then agree on the other crucial aspects of the sale such as the final selling date, and how the amount will be split.
Reaching an Agreement
In one of our videos, Atty. Tyler Monahan elaborates following the route in which the couple would rather settle amicably and reach an agreement.
He explains that it will be better to reach an understanding whereby the couple will need to be in agreement of the sales date, selling price, and the split of the proceeds once the house has been sold.
Such a process, if required, may be mediated by an Expert Family lawyer fort worth, or attorney.
Is Court Intervention Required?
Ideally, when the couple has reached an agreement, the court will not be required to intervene. In other words, an amicable agreement will not require any sort of court intervention.
However, if this agreement cannot be reached, one of the couples can submit a motion to the court to appoint a ‘receiver’ and the property will automatically go into a court-ordered receivership.
Receivership and the Court-Appointed Receiver
Lawfully referred to as “receivership”, it is a situation whereby a court will appoint a receiver who will carry out the sale of the property.
According to the Texas Family Law Code Chapter 6, Section 6.502, the receiver is appointed in order to protect and preserve the property of the parties, and even administer the partition of the marital property in accordance to a degree.
The receiver, as defined by Black’s Law Dictionary, “is an indifferent person between the parties appointed by the court to collect and receive the rents, issues, and profits of land, or the produce ot personal estate, or other things which it does not seem reasonable to the court that either party should do; or where a party is incompetent to do so… ”
While a receiver is an indifferent person to both the parties, they cannot be just anyone. Under no circumstances that they will not be a Texas resident who is not qualified to vote.
A receiver is not required by law to be a certified professional. The court just prefers that the receiver be a licensed real estate professional, an attorney, or someone with both of the licensures.
Once the property gets into receivership, the receiver is expected by the court to proactively put the house on the market and push for the house’s best appraisal as possible.
What is important to note is that, as the previous owners, you will not have any control regarding the sale. You will not have control on the sell date, price, and to whom this gets sold. The couple is also to pay for the necessary fees of the receiver.
On the occasion that the house gets sold, the proceeds from the sale go to the court registry whereby the parties will have to request the court to release their sales proceeds.
Can’t Reach an Agreement? Call a Divorce Attorney in Fort Worth, Texas
With respect to urgency, Atty. Tyler has divulged in the video that achieving an amicable agreement with regards to the sale of the marital home is the most ideal.
As with most experts, he advocates that an agreement be made, as much as possible, instead of going through the complicated process of receivership.
In the amicable agreement, the parties will benefit from not having to pay any fees to the receiver and will not have to go to court to request the release of the proceeds from the sale.
If you’re currently facing this situation, it is important to know that there are valuable resources and experts who will be able to look into this case for you.
Getting in touch with a family law expert or an attorney will be the most practical step to take in order to help you reach the best and most beneficial decision for you and your ex-spouse.
