Time to File for Divorce
The first month of the new year is reportedly the most popular time to file for divorce. A rumor that January is divorce month is ominously nicknamed “Divorce Month” in legal circles. But is January’s bad rap deserved? For better or worse, the numbers suggest that “Divorce Month” is real. According to statistics published by eDivorcePapers.com, January has the most legal breakups.
Why January is Time to File for Divorce
Will 2021 be an exception?Couples have gone through almost ten months of lockdown due to COVID 19. With both working outside the home, most couples don’t spend much time together. Now they are together 24 hours a day. Maybe, couples will discover why they fell in love, and Covid will bring them closer. On the other hand, the husband and wife may have decided to divorce before the holidays. Still, they wanted to give the children one last happy holiday or decided to enjoy family and friends one last time before filing for divorce.
Some see the year-end as a time of reflection and resolution. “Unhappy spouses assess their situation and say to themselves, ‘I can’t take another year like this. It is time to file for divorce.”
And that leads to divorce as the primary reason to sell the home. Once the couple has decided to divorce, many couples want to sell the house fast and start a new life.
When real estate is involved, it is usually the most valuable asset that needs division. Even if you consider yourself well informed on real estate law, you’d be wise to seek out the assistance of a divorce lawyer and/or financial advisor because of the emotional stress. But you still need to understand your options so that it is all done fairly and equitably.
There are three main ways property is divided in a divorce:
- Both spouses sell it and split the equity.
- One spouse buys out the other.
- Both spouses agree to defer a sale until a later date.
According to Realty Biz News, “Division can apply to almost any real estate, but depending on if the property is the family residence or an investment property, different rules apply.”
Selling the House
Selling the house and splitting the equity is pretty straightforward. If the sale occurs before the divorce becomes final, you will split the equity as agreed to at closing. If the sale occurs after the divorce is final, you may need to have the house appraised and agree to the equity percentage split.
There are also times when one spouse wants to take sole ownership of the family home. First of all, the spouse staying in the house needs to afford the mortgage payments. Usually, they also need to buy out the spouse by giving up other marital assets such as a portion of a 401k retirement account, a boat, a motorhome, or another valued asset.
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