Real Estate Dilemmas in Divorce

In many divorce situations, it is in the best interests of both partners to sell the house that they have lived in together and split the profit. That way there are no large payouts and no emotional conflicts with who gets to keep the house. Instead, both spouses are free to move forward and seek accommodation separately. However, despite what real estate agents suggest, now is not the best time to sell your house. Prices are down in the housing market which means you are most likely going to lose out. In some instances, you may actually end up paying less than the mortgage balance.

Sell Low, Buy Lower

One of the positives to selling in a bad real estate market is you can also buy in a bad real estate market. This means you may be able to find your next home or apartment for a steal. Although you might lose money on your current home, you will also save on your next home, if you are in the position to buy.

Working Together to Beat the Bad Market

If possible, one of the best options is to work together to keep the house until the market recovers. Although no one can predict when the real estate market will rise again, many are hopeful that it will be sometime this year. Until then, one spouse could maintain the household or, if possible, the home could be rented to a third party. Working together might be the last thing on both spouses minds after a divorce but it will be in the best interest for everyone involved, especially if you cannot afford to lose your home in a bad real estate market.

Contact Schneider, Baudler & Abbott PC

If you are facing a divorce or child custody battle or if you need legal advice on any child support matter, it is important to speak to a qualified family law attorney right away. The sooner you make the call, the quicker our lawyers can get to work on your case and the better for everyone involved, especially the children. Contact Schneider, Baudler & Abbott PC today at 763-315-1100 or by e-mail to schedule a free consultation with one of our experienced divorce lawyers.

Minneapolis Divorce Lawyer & Attorney

Schneider, Baudler & Abbott PC represent clients throughout the Minneapolis metropolitan area, including the city of Albertville, Andover, Anoka, Arden Hills, Becker, Blaine, Brooklyn Center, Brooklyn Park, Buffalo, Champlin, Circle Pines, Columbia Heights, Coon Rapids, Crystal, Dayton, East Bethel, Elk River, Fridley, Golden Valley, Ham Lake, Hopkins, Independence, Lino Lakes, Maple Grove, Medina, Melrose, Minneapolis, Minnetonka, Minnetrista, Monticello, Mound, New Hope, Norwood Young America, Oak Grove, Orono, Otsego, Plymouth, Princeton, Ramsey, Richfield, Robbinsdale, Rockford, Rogers, Shorewood, Spring Lake Park, St. Francis, St. Louis Park, St. Michael, Wayzata and Zimmerman.