March is the time of year when people start to think about spring cleaning, but, for some, this can mean more than just washing your windows.
If you’ve decided to spring clean your marriage and are wondering what happens with your family home, here are some answers to frequently asked questions to help you.
If I am divorced, who gets to stay in the home?
Up to the time of an official divorce, both partners have an equal right to stay in what is called the “matrimonial home”.
However, once you are officially divorced, if one person doesn’t have their name on the title for the home, then they won’t have an equal right to remain in the home. This person will have to find a new home.
If my partner and I are separating, do we need two realtors?
No. You don’t have to work with two realtors. There are no laws regulating the use of realtors, it all depends on your particular situation.
You have the option to work with the same REALTOR®, the same brokerage, or the same agency.
I am getting a divorce, do I have to sell my home?
No, you have other options, apart from selling your home. If you are splitting from your partner, you will want to have a conversation with them about the possibilities. There is more than one route available depending on your circumstances.
You can decide to sell your home. This will require negotiating the timing and terms of the sale, as well as the distribution of costs associated with the sale and the closing purchase price.
You can also decide to have one party remain in the home and buy out the remainder of the mortgage from the other person. This will also require negotiating terms and is best handled by a lawyer.
The team at Royal City Realty encourages all parties going through a separation or divorce to work with a lawyer or mediator to discuss the division of assets and to agree on the number for the price of the sale of the home.
Separating is a stressful time and there are many decisions to be made. Be sure to inform your REALTOR® about whether you have a separation agreement signed.
Whatever your situation, the team at Royal City Realty can help you lock up your current home and unlock your future.
Divorcing or Separating & Aren't Sure What To Do with Your Home?
If you are making life changes and need guidance with selling or buying a home, contact the experts at Royal City Realty. We understand and we'll help.