How to Have a House Sold After a Divorce Agreement
Divorcing spouses with marital property are required to enter into property or separation agreements before they can obtain a legal divorce decree. Although state laws may differ, most states require divorcing spouses to refinance their marital homes or sell them to divide any equity between them. When a spouse refinances the marital home, she assumes the remaining mortgage in exchange for a transfer of title. However, spouses also can sell their marital property and divide any remaining profits after they pay their debts. If their divorces are still pending at the time of a sale, a court may order them to establish an escrow account until they finalize their divorces.
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Instructions
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Review your settlement or divorce agreement. Most knowledgeable lawyers anticipate disagreements between divorcing spouses. You may be able to select a real estate agent, but your ex-spouse most likely will have to agree upon your selection. If you have the rights to select a real estate agent, again, your ex-spouse most likely will have to agree on your ultimate selection.
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Find a real estate agent. Unless you have at least a basic understanding of your state's contract and property laws, finding a real estate agent is the best idea. All states, except New Jersey, require professional licensing.
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You and your spouse will have to sign real estate contracts transferring jointly owned property and real estate commission agreements. In most states, sellers are responsible for paying real estate commissions. You and your spouse most likely will have to pay real estate agents from the final sales proceeds.
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Locate a buyer. You and your former spouse will have to agree upon the sales price and any contract contingencies.
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Find a settlement agency. Your real estate agent probably will recommend one. Once you and your spouse agree upon a sales price and closing date, you both will need to plan on attending the settlement, or you each will need to draft a power of attorney authorizing a third party to sign legal documents on your behalf.
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Tips & Warnings
Divorcing spouses often are adversaries with intense emotions. If your marriage was difficult and full of conflict, your divorce most likely will be prone to disagreements and conflict. Real estate agents can act as third-party neutrals -- especially, if your divorce was acrimonious. Allow your real estate agent to negotiate your selling price on your behalf, since emotions often trump practicality during divorce.
The information in this article should be used for general guidance. For specific assistance, seek the advice of a licensed attorney in your state or contact your state's bar association for information on pro bono legal assistance.
