Unfortunately, Orange County, California has one of the highest divorce rates in the nation. According to Certified Family Law Specialist (CFLS) Patricia Hendrickson, about 72 percent of marriages in this county end in divorce, compared with the national average of about 50 percent. That is significantly more risky than placing your marriage bets on a simple coin toss. In light of these statistics and the complex nature of divorce, the help of a knowledgeable and experienced Real Estate Divorce Specialist is essential in navigating how to handle your most valuable asset.
You probably have a lot of questions like how, who gets what, and when.
When to Sell
So, if you are going through a divorce, when should you sell your home? It’s easy to assume that putting your home on the market as soon as possible is the better choice, but that may not be the case 100% of the time. There are benefits with either option depending on your needs and situation.
Why sell before the divorce is final?
- Getting it Over With – By getting the property on the market early on, you’re maximizing the amount of time it’s available and potentially drawing in more interested buyers. If your home sells, you’ll be fully-funded to start your new life, in your separate residences, when your divorce is finalized.
- Higher Tax Write-Off – When you sell as a married couple, you can exclude up to $500,000 of the home equity from the capital gains tax. If you sell your house afterwards, your maximum write-off drops down to $250,000.
Why sell after the divorce is final?
- One Thing at a Time – Some couples have an especially challenging divorce experience and do not want the added stress of a real estate sale on top of that. There is so much change already happening that delaying the sale might be more suitable for both parties.
- Appreciation – With home values continuing to rise, waiting to sell your home until after the separation may get you a higher purchase price, and subsequently, a higher profit split.
Are You Facing a Divorce?
Here is how I can help make your tenuous situation as seamless as possible: