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Selling a Home After Divorce



Moving is in the top 5 of the 10 Most Stressful Life Events. Divorce ranks in the top five as well.   Put those two together and you have a meltdown in the making.  If you and your spouse own a home together and you are divorcing, you are going to have to figure out what you’re going to do about the house.  This can be challenging under the most amicable of situations, and can be devastating when there is bitterness and fighting.

Since your home is likely the greatest asset that you share, selling it is often necessary when parting ways.  Sentimental value may entice one or the other of you to want to keep the home, but financial implications may keep you from doing so.  Understanding how divorce affects the sale of a home is crucial.  The emotional aspect of splitting up your family can sometimes impair your judgement, but making a poor decision regarding your home can have lasting ramifications, long after the divorce is finalized. 

Whether one spouse wants to buy out the other and keep the home or both want to sell and split the equity, selling a house while getting divorced is a rocky road that needs to be navigated intelligently.  When two people are willing to deal with each other in a peaceful, respectful way, it certainly makes the whole process easier. But often this is not the case in these situations.  Division of a home is not simple. 

When each spouse contributed to purchase the home - even if one paid more than the other - you are both going to want your fair share out of it.  Ideally, you will be able to work with an attorney or mediator to come to an agreement out of court, but if you can’t, a judge will decide for you.  This can be a very unpleasant experience for all parties involved.  If both your incomes were factored in the purchase of the house, chances are when you split that in half, neither of you can afford it on your own. If that is the case, the best solution is to sell the home and divide the assets.  There are also Tax Implications that should be considered when you are trying to decide if you should sell before you divorce or after.

Should one of you decide to stay in the home, there are a couple of different ways to make that happen.  First, if you have the financial means to do so, you can take over the mortgage by refinancing.  This means you must qualify for the loan and be able to make the monthly payments on your own.  Your ex-spouse will be completely out of the picture.  Another way is to continue co-owning the property.  Perhaps you have children and want to keep them in their home. While this is the least disruptive option, it is precarious and requires a lot of trust.  It would have to be a very civil and friendly divorce for this to work because both parties will be responsible for the mortgage and upkeep of the house.  The bottom line is that if you plan to stay in the home, you better be sure you can afford it.  It would be prudent to work out a  budget before you make the decision.

With all the financial and emotional issues that get wrapped up in the sale of a home during divorce, it’s crucial that you know what you want prior to meeting with a Realtor. It is best for you to meet with your attorneys for them to guide you through the process of deciding how to split the equity. Once you’ve done that, seek out an experienced Realtor with exceptional communication skills who will gently guide you through the process with as little stress as possible.

If you’re thinking about selling or buying a home in the New River Valley area, contact professional, experienced Realtor Desi Sowers and let her assist you with all your real estate needs. Give her a call today at 540-320-1328!

Photo Credit: huffingtonpost.com

Making Small Spaces Work for You



Downsizing and simplifying can be a wonderful thing. There are many Benefits of Downsizing Your Home. First, it costs less money…which frees up funds for other things you enjoy like travel and hobbies.  And the peace of mind that comes with living within your means is priceless.  Also, with less space, there is less to clean.  And less cleaning means more time for fun and relaxation.  But sometimes it can be challenging to fit everything you need (and want) into a home with limited square footage.  Don’t despair!  Not only can you make it all fit, you can do it with style and create a comfortable, cozy home that suits all your needs.  Here are some clever ideas for making the most of small spaces:

- Make everything seem bigger by painting walls in light colors. 

- Use small scale furniture rather than large, overstuffed pieces that will overwhelm the room.

- Use mirrors to create the illusion of more space.  One mirror will make an impression, but two facing each other will make a bigger impact by amplifying the semblance of added area and light.

- If you’re thinking of doing any renovations, consider adding a bay window. Not only will it maximize square footage, but it will provide the added bonus of flooding the house with natural light.

- Keep things simple.  Clean lines make things feel streamlined and give the impression of openness.

- Take advantage of high ceilings by going vertical with cabinetry.  Not only will it draw the eyes up and away from the limited counter space, but it will also provide maximum storage.

- Continue thinking up and not out by utilizing tall bookshelves.

- Use furniture pieces that serve more than one purpose. Clever Multipurpose Furniture That's Perfect for Small Spaces

- Got stairs?  Don’t let the area underneath them go to waste.  There are great options for creating extra storage that will be functional and look great too. 12 Creative Ways to Use the Space Under Your Stairs

- If you’re going to hang curtains, hang them as high as you can to make the ceilings seem higher. In addition, extend the rods about 4 inches on either side to make windows seem wider and to allow more light in when they are open.

Downsizing and simplifying will make you realize that less really IS more, but it doesn’t mean you must sacrifice style and comfort!

If you’re thinking about selling or buying a home in the New River Valley area, contact professional, experienced Realtor Desi Sowers and let her assist you with all your real estate needs. Give her a call today at 540-320-1328!

Photo Credit: architectureartdesigns.com

New River Valley Real Estate For Sale

New River Valley Real Estate For Sale:

7361 Dent Drive, Radford VA 24141


 

Nestled on a picturesque 1.1 acre lot sits this classic Dutch colonial that has been lovingly maintained and with just a little TLC could be exactly what you have been dreaming of! Three bedrooms including a main floor master, 2.5 baths, spacious rooms, tons of natural light, wood moldings and casings, extra storage and an array of classic touches highlight this Deerwood Forest all brick home. A crackling fireplace and French doors to the new Trex deck set the scene for comfortable family gatherings in this spacious living room. Flowing to the eat in kitchen where a bay window, breakfast bar, newer appliances and an abundance of cabinet space make meal prep a breeze. A large laundry room with sink and cabinetry will help you stay organized, while a built-in desk make this office a delightful space to work from home. Escape to the calming allure of the first-floor master bedroom with multiple closets and a private bathroom. Parquet floors highlight the two additional bedrooms on the second level, plus a shared full bath and lots of closet space. Still want more? Add additional living space to match your family’s needs by finishing the full basement, already plumbed for a bath. The peace and quiet of this beautiful backyard surrounded by mature trees will help you escape the busyness of the day. An attached 2 car garage provides plenty of vehicle storage, plus a single car garage under gives you plenty of room for hobbies, tools and toys. Offering so many quality features, 7361 Dent Drive is move in ready, but lets you add your own special touches and cosmetic updates along the way!

 

Contact Information

Photo of Desi Sowers,  Associate Broker,  Real Estate
Desi Sowers, Associate Broker,
Certified Residential Specialist at REMAX 8
1344 N. Main Street
Blacksburg VA 24060
Phone: (540) 320-1328

Each Office Independently Owned and Operated