DIVORCE: What You Need to Know About Your House, Your Mortgage and Taxes

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4 - Retain Joint Ownership

Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.

When You Decide to Sell

If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.

When You Buy Your Next Home

Use the proceeds from your previous home or buy-out to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home-buying criteria.

The material contained in this report is for information only. It is not intended to replace individualized legal advice. It is recommended to seek professional legal counsel for your legal issues.

Not intended to solicit property currently listed for sale Copyright Craig Proctor Productions 1998

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Mark Linder
New Century Realty Group
Phone: (469)879-2960
Mark@MarkJLinder.com