Splitting the House | Piscataway Divorce
What Will Happen to House in a Divorce?
The parties first need to agree whether they’re going to list the house for sale or if one of them wants to buy out the other’s interest. If the parties can’t agree the court will order the house to be listed for sale and the proceeds generally are split 50/50. The court will usually not require the house to be sold until there is a trial though so this is something that can be negotiated throughout the divorce proceeding.
Appraise the House
The first thing you should do to determine whether a buyout is even feasible for you is to obtain an appraisal of the property or at least consult with a realtor who may be able to give you a recommended listing price. If neither party could reasonably afford the property alone then it’s probably time to start talking about a settlement that includes listing the house. If you need advice about how best to coordinate that in your case contact us.