For the majority of divorcing couples I meet, the most valuable asset is the marital home. The proper
disposition of this asset will have a significant impact on the financial health of the parties after the
divorce.
Answer the Following Questions Honestly
I recommend answering several questions on a practical and honest basis. Personal emotions need to
be placed on hold in the process.
1. Should we sell the house?
2. Should I buy out my spouse’s interest in the property (or have my spouse buy out my interest)?
3. Should/Can the sale of the property be deferred?
4. What should we do with the current mortgage on the property?
5. Should I buy another property to live in?
Other Things to Consider
Each one of these questions will lead to another question. For instance, if you decide to buy your
spouse out, are you financially capable of paying the mortgage, taxes, and insurance? Beyond the
payments, are you capable of maintaining the property, etc?
Prior to making a decision on your property, you will need to consult with professionals to determine
the best direction for you and your family. Realtors, mortgage brokers, family counselors, and attorneys
are among those that you may be consulting.
Evaluating the Property’s Value
My role in the process is one of a Realtor. I will determine the current market value of the property by
completing a detailed market analysis of the property. This strategy assesses the value of the home
based on data specific to the area, including the sales of recent properties in the area that are similar in
nature to the property in question. In addition to the market value, I will be able to determine the
present market conditions and the impact on the price of the property, possible repairs, and the amount
of time to sell the property.
Dividing up Assets
In addition to determining the market value, I complete an evaluation of the present equity. Equity
represents the net amount of the house that the parties will have available. It is determined by
subtracting the cost of any mortgages or loans against the property, closing costs, from the estimated
value of the home. Knowing the property’s value and the equity that is due to each party can lead to a
discussion regarding the best way to divide an asset.
In some situations, the only plausible solution is to sell the real estate. The expenses related to the sale and
the payoff of any encumbrances are deducted from the sales price before determining the net proceeds. The
proceeds of the sale are then provided to the spouses in proportion to the equity interest that each spouse
has.
Please consult with a trusted professional prior to making final decisions on the purchase or sale of real
estate in a divorce.
About Pat Wise-Strehle
Pat’s mission is: Two Happy and Healthy Households!
Patricia Wise-Strehle is an Associate Broker with Keller Williams Newtown. Pat has been servicing the needs of her clients for over thirty-five years in Bucks, Montgomery, and Philadelphia Counties. The foundation of Pat’s practice is based on the highest level of excellent service.
Pat is certified in the Collaborative Divorce Progress. She has an established technique based on respect and guidance for each partner in the process of divorce. Based on clients’ choices she will work jointly or individually with divorcing spouses to obtain their end goal.
Pat has been appointed on court-ordered real estate sales. Pat has highly developed communication skills enabling her to converse with attorneys, financials, accountants, and mental health professionals.