Best Ways to Protect Your Home Sale During Divorce? According to homelight, Americans on average have $150,506 of wealth tied up in their homes. (If you own your house free and clear with no outstanding debt, bump that average wealth nationwide to $229, 296.), if you are divorcing and are homeowners, this is the biggest asset to split, and it is also likely the most emotional. I represent divorcing couples on The Main Line PA. I want to offer three strategies to protect your biggest asset, your home, and your biggest interest, your sanity. First, in terms of strategies to protecting property, the first is having a prenup. A clear prenup is a great strategy to protecting assets like real estate. They relatively low cost and the spouse who has the greater interest in the home retains it from the get go. Second, keep up with your mortgage payments. There are a number of reasons that people let properties go into foreclosure or in distressed situations and divorce is one of them. This is why it is really important to think outside yourself and consider how much value your home has and why it needs to be kept up, so you will not be losing money. If a spouse cannot afford it, sell it, or refinance. There are a lot of options right now and even though interest rates are on the rise, and inflation has people concerned, this should not result in defaulting on a mortgage. Third, selling the home. Selling the home when you start divorce proceedings is the best way to protect the credit of both parties. There is no who is paying what and when it comes to upgrades, do not try to make them prior. The least amount of emotion is best when it comes to diving property in a divorce. I have been doing this for years and it really never gets that much easier. Homes hold memories and for divorcing couples, painful memories, as well as happy memories, so it really can be best for parties to sell a home. The positive news is right now home values are at all time highs. I am getting prices well above asking for my sellers and they are getting the best terms. If you are looking to protect your interests and the interests of your biggest asset, see my resources for tips for divorcing couples to save money and sell for more, without drama. Let’s take this next step together. Kimmy Rolph sells The Main Line and local areas.
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