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Divorcing homeowner's top 3 questions answered | Utah divorce real estate expert Judy Kostrencich
Answering the Top 3 Questions Divorcing Homeowners Have
Hello, I'm Judy Kostrencich with eXp Realty, and welcome to Divorce Utah Real Estate. If you're navigating a divorce in Utah, this article is for you. Today, I’m addressing the top three questions divorcing homeowners often have. Navigating the sale of a home during a divorce can be challenging, but with the right information, you can make informed decisions that ease the process.
How Should We Decide Who Gets the House?
Divorcing homeowners often wonder how to decide who, if anyone, should keep the family home. Here’s what you need to consider:
Financial Ability
Can either party afford to maintain the home on their own? This includes mortgage payments, property taxes, insurance, and maintenance costs. It’s crucial to be realistic about your financial situation post-divorce.
Custody Arrangements
If children are involved, their well-being is a priority. Keeping the children in a familiar environment might be beneficial, which could influence who stays in the home.
Emotional Attachment
While it’s important to consider emotional ties to the home, it’s equally important to weigh them against practical considerations. Sometimes a fresh start in a new place is best for both parties.
Legal and Mediation Support
Seeking legal advice and using mediation can help make this decision more straightforward. A mediator can provide impartial guidance and help you reach a mutually beneficial agreement.
What is the Best Way to Handle the Sale of Our Home?
If you decide to sell the home, here are the steps to handle the sale efficiently:
Hire a Specialized Realtor
Working with a Realtor experienced in divorce-related sales is crucial. I can provide neutral, professional guidance, manage communication between parties, and ensure the home is marketed effectively.
Prepare the Home for Sale
Ensure the home is in good condition and staged well. Small improvements can significantly impact the sale price. Declutter, clean, and make any necessary repairs.
Set the Right Price
Pricing the home correctly is essential. I will conduct a market analysis to help you set a competitive and realistic price, ensuring a timely sale.
Manage the Sale Process
I will coordinate showings, handle negotiations, and keep both parties informed throughout the process. Clear communication and sticking to agreed timelines are key to a smooth sale.
How Will Selling the Home Affect Our Finances and Taxes?
Understanding the financial and tax implications of selling your home during a divorce is crucial:
Capital Gains Taxes
If you’ve lived in the home for at least two out of the last five years, you may qualify for a capital gains tax exclusion. It’s important to understand how this exclusion applies to your situation.
Proceeds from the Sale
Decide in advance how the proceeds from the sale will be divided. This should be documented in your divorce agreement to avoid future disputes.
Consult Financial and Tax Professionals
Consulting with financial advisors and tax professionals can provide a clear understanding of potential tax liabilities and help you plan for your financial future post-divorce. They can help you navigate the complexities of your unique situation.
Call to Action
If you are navigating a divorce and need expert help selling your property, reach out today to schedule a consultation or request a market value assessment of your home. Visit DivorceUtahRealEstate.com for more information and to get started.
Don't forget to like this article, subscribe to our newsletter, and follow us on social media to stay updated with more tips on managing real estate during a divorce. Your journey to a smoother transition starts here.
Thank you for reading, and I look forward to assisting you!
Frequently Asked Questions
How do you ensure confidentiality throughout the buying or selling process?
Confidentiality is at the core of all our services. We employ discreet marketing strategies for sellers, private viewings for buyers, and secure communication channels for all interactions. Our tailored approach ensures that your real estate transactions remain private, respecting the sensitive nature of divorce proceedings.
What makes you specialized in handling high-net-worth divorces?
With years of experience in Utah's luxury real estate market and a deep understanding of the complexities involved in divorce settlements, I offer specialized knowledge in navigating these sensitive transactions. My services are designed to address the unique challenges and opportunities of managing significant assets during a divorce, providing expert guidance tailored to high-net-worth individuals.
Can you work with my legal and financial advisors?
Absolutely. Collaborating with your legal and financial advisors is a crucial part of our service. This integrated approach ensures that your real estate decisions are aligned with your overall divorce settlement and financial strategy, providing a cohesive and streamlined experience.
How do you determine the right market value for a property during a divorce?
Determining the right market value involves a comprehensive analysis of current market trends, comparable sales, and the unique features of your property. Our confidential property valuation service is designed to give you an accurate and fair assessment, considering the specific circumstances of your divorce to ensure that you are positioned optimally for buying or selling.
People Are Saying
Hillary K Grady
Judy went above and beyond to sell our home during a challenging time. She was helpful in setting up cleaning and staging for the open house and additional showings. We were able to sell our house in one weekend! Judy worked with the buyer to support us during negotiations and was very responsive to our questions and requests. We would absolutely recommend Judy!
K. DuVall
When I had to sell my home I knew I wanted to use a realtor who I knew would pay attention to details and have the sensitivity to the emotions you get when selling your home. I instantly knew I would use Judy because of her professionalism and her kind heart when it comes to selling a home. She came to work hard and diligently for us and she exceeded our expectations. She was thorough and smart when it came to negotiations and she got the outcome we wanted. Judy has a special way of making you feel comfortable and taken care of in the process of selling your home. I would recommend her to anyone who wants a professional when it comes to buying or selling a home. She is the best.
Ryan Johnson
We interviewed 5 realtors to help sell our house. 4 of them were happy to list our property, do one open house, sit back and wait for the commission. 4 of them tried to convince us to list our property for the lowest sales price to ensure a quick and easy sale. Judy was the opposite and went to great lengths to sell our home for top dollar. She has an aggressive and effective social media marketing strategy/funnel that resulted in a ton of qualified leads. She did at least 5 open houses. She filmed several high quality video deliverables.She helped to manage the improvement projects that were needed (yard, interior painting, etc). She hired one of the best staging companies in Salt Lake to make our home dead sexy. She was ALWAYS available and responded within minutes to any questions we had. She expertly navigated through a sticky negotiation and contract process. She closed the deal. She got top dollar for our property. I've sold four properties before this one and Judy is by far the best Realtor I've worked with. If you are looking for the best realtor talent in Salt Lake County choose Judy. She is on the money!
