Divorce and Real Estate

You’re in the middle of negotiating the terms of your divorce. The last thing you will probably think about is the real estate broker for the sale of your apartment. You are also probably not thinking of whether the apartment should be sold as is or staged in order to maximize the sale price. These are issues that can be handled in the divorce agreement.

1. Which broker?
You should speak to your lawyer regarding a provision in the agreement regarding the choice of broker. The provisions for the appointment of the broker can be simple. For example the wife will have the right to appoint the broker. Another options is that each person can choose one broker. If they cannot agree on a broker, a third broker will decide. There are many options, but if the sale of a property is in the agreement, you should strongly consider putting a provision in the agreement regarding the appointment of a broker.

2. How will it be sold?
The questions of how the apartment is going to be sold should also be addressed in the agreement.

3. More questions:
Will you be spending money on staging or selling it as is? Who is picking the painter? Do you pick the lowest bid, or the person that will do the best job, or your husband’s cousin? If you decide to stage the property, what at the percentages that each spouse will contribute? These are issues that should be discussed and addressed. If there is acrimony in negotiating the divorce, there will probably be acrimony in making these decisions as well.

For more information, contact The Law Office of Janice Roven.