When you first bought your home, you thought you’d live there forever with your spouse.
Now you know your marriage is over. You realize you will have to live on your own. You wonder whether you and your spouse should sell your home and split the money. Or if it’s possible to keep the home. As Charleston divorce mediator, I have put together a resource guide that highlights five of the most important things that you need to know.
1. South Carolina is an Equitable Distribution State
To start, it is important to understand that South Carolina is an equitable distribution state. The South Carolina Bar explains a divorcing couple’s marital property is divided in a “fair” manner. A 50/50 split of assets—including the house—is not guaranteed by law. It is important for divorcing couples to understand that “equitable” does not necessarily mean “equal.” Some factors include the duration of the marriage, the financial contributions of each spouse, and the value of property each brought into the marriage.
2. You Have Flexibility for Dealing with Your Family Home
If you are going through a divorce in South Carolina, you and your spouse have a number of different options available to deal with your family home. The best option may be:
- Sell It: One common option is to sell the home and split the proceeds. This can often be the simplest solution—especially if neither party can afford to maintain the home on their own. Selling can also provide both parties with liquid assets that can facilitate a fresh start.
- Rent It: Some couples choose to retain ownership and rent out the family home. This can be an attractive option if the market conditions are not favorable for selling or if the rental income would provide a beneficial financial cushion.
- Keep It: In some cases, one spouse might choose to keep the home, buying out the other spouse’s share. This is often chosen to maintain stability, especially when children are involved. The feasibility of this option depends on a number of case-driven factors.
What is the right option for you and your ex? It depends on your financial circumstances and the specific needs and desires of you and your family.
3. If You are Parents, Consider the Impact on Your Children
It is no secret that divorce can be challenging for children. Decisions regarding the family home can significantly affect their emotional well-being. Divorcing couples are far more likely to want to have one spouse remain in the same home if they have young kids or teenagers. Assuming it is financially feasible to do so, keeping the home may provide children with a sense of continuity and security during a potentially tumultuous time.
4. When Selling, create a Process to Get a Good Value
Selling a home is complicated—even more so when you are going through a divorce. Here is a major mistake you need to avoid if possible: Do not rush your home onto the market and sell it for far below a fair market value. To ensure you receive good value when selling your home during a divorce, it is advisable to work together to prepare the home for sale. Among other things, this includes making necessary repairs, staging the home attractively, and choosing the right real estate agent who understands both partners’ needs and the local market. When selling a home in a divorce, it is crucial that you and your spouse recognize your shared financial interests. You can both benefit from getting the highest sale price on your South Carolina home.
5. Mediation Can Be a Helpful Tool for Complex Property Division Matters
Dividing property in a divorce is always challenging. Dealing with a family home, which cannot always be easily split down the middle—can be especially difficult. For many divorcing couples in South Carolina, mediation is an effective method for handling complex property division, including the family home. Mediation involves a trained neutral third party who helps both spouses negotiate and reach a mutually agreeable solution. It promotes cooperation and it often leads to a less contentious process and more amicable settlement.
Consult With Our Charleston, SC Divorce Mediator Today
At Charleston Divorce Mediators, LLC, we are focused on helping people find better, more amicable solutions to their divorce. Mediation can be a great tool to find a solution for dealing with your house. Schedule your confidential appointment today @ 843-323-4687. We provide personalized divorce mediation services in Charleston and throughout the wider region in South Carolina.
About Catherine Marra
Catherine Marra is a nationally certified Divorce Mediator with over 30 years of experience in Family Law, including 20 years in private practice and 10 years as a Family Court Magistrate. She uses her knowledge and experience to guide couples in negotiating divorce settlements so they can save money, complete the divorce process quicker, and get better outcomes than they would at trial.