According to certified Real Estate Divorce Specialist Bob Bailey-Lemansky, couples divorcing – particularly in this tough economy – need to think long and hard about the tax and income consequences associated with the sale or purchase of real property during a divorce. Bailey-Lemansky estimates that as many as 70 percent of marital dissolutions involve some form of real estate transaction.
The fact that the housing market is stagnant in many metropolitan areas around the country can have a huge impact on determining the ultimate value of a couple’s marital estate if the house cannot sell or sells at a loss. In addition to the financial implications, the longer a home sits on the market, the longer the divorce proceedings are going to stretch out.
The assistance of real estate experts who are skilled in the nuances involved in selling or buying a home in the midst of a divorce is vital to a successful transaction. Bailey-Lemansky points to a number of potential issues that could be avoided by approaching a divorce-related real estate transaction with an expert – either a family law attorney or realtor with experience handling these types of issues – at your side, including:
- Fairly pricing the home, avoiding squabbles between the parties as to how the house should be valued
- Making a determination to lower the price of a listed home in an effort to drum up interest
- Scheduling showings at times convenient to both parties
- Ensuring that one party doesn’t attempt to sabotage a sale to spite the other
If you are divorcing and are facing real-estate related issues as a consequence, contact a divorce lawyer in your area who has experience with the nuances involved in such a transaction. Doing so is an invaluable step towards protecting both your rights and your bottom line.