Dividing a House part 3….Another Option

Here is Another Option to your marital home:

Buy out your spouse, or get bought out.

Before you make the decision to stay and possibly buy out your partner, it’s important to find out if it financially makes sense.  Talk to your Financial Adviser ( If you don’t have your own, let me know, I work with some of the best ! ) and figure out your financial plan for today, tomorrow and the future.  I will talk more about the importance of having a consultation with your own Financial Adviser and CPA during your divorce prior to it’s conclusion.  Anyway, back to the sale options of selling your marital home…

Whether you’re the partner staying or going, make sure the buyout terms, which will include a professional appraisal or BPO, of your home’s value, sound fair and accurate.  Aim for 3 BPO’s ( Broker Price Opinions or better known as CMA’s ) from 3 different licensed agents.  You pick one, your partner chooses one and find a neutral agent, so that it’s balanced and fair.  This way, you can average the opinions of the 3 estimates for a price and feel neither one of you are taking advantage of the other.  Please remember that until you have an actual buer of your home, you can list for anything you want, but as I have said, the buyer truly dictates the value of a homes worth by what they are willing to pay.

Also remember, these are just well educated “guesstimates” by the professionals to give you their opinions of the value of the home.  So if the amount doesn’t sit well with you, on either side, get another appraisal, just like getting a second opinion from another doctor,  before moving forward.

Let me know if you need help with this, I can do BPO’s/CMA’s and help with setting up the terms between you and your partner.  Then your legal adviser can look it over for any and all corrections…