How Does the Home Sale Get Affected by The Divorce??
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Kathryn Grizzle
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Because divorce can be expensive, a lot of couples decide that selling their homes could help shoulder the legal fees. This is often the most preferred solution, as it gives the former couples a clean break and some cash to start over. But before being able to divide the proceeds, you have to pay off the mortgage and any capital gains tax. If the divorce hasn’t been finalized yet, then the spouses could file their taxes jointly as married to minimize their tax liabilities. If selling a house during a divorce, it’s important to do it with an agent.
Another scenario is that one of the spouses buys out the other to keep the home. Some couples with children may also choose to keep the house and share in the mortgage payments. Sometimes, it is done to meet alimony or child support obligations. If you’re going through a divorce and need legal advice on how best to split your assets, you might want to visit this website to get in touch with a divorce attorney.