In addition to emotional issues, many divorcing couples are concerned about child support and custody, spousal maintenance and the equitable division of assets.
With about 50 percent of all marriages in the U.S. ending up in divorce, most of these marriages also concern the sale or purchase of a house. Although real estate agents and attorneys are essential to this process, a new specialty has arisen to specifically deal with couples who have real estate issues and are going through a divorce.
The burgeoning field of real estate divorce specialist now has a certification attached to it. These specialists hold themselves out as having specific training dealing with feuding spouses that are going through divorce and the peculiar issues that accompany it.
The specialists represent both parties and their goal is to ensure that the couples are treated fairly when it comes to real estate issues during the divorce. For instance, the spouses are unlikely to agree on a number of things such as price, house showings, or negotiations. There may be situations in which one spouse will do anything to sabotage a transaction so that the other will not realize the gains he or she expected.
Real estate divorce specialists believe their job is to represent the best interests of the house and emphasize that other professionals need to be involved in the process. They will refer their clients to lenders or attorneys who can properly advise them as to what constitutes marital property, the tax considerations involved, the equitable distribution of other assets and qualifying for a loan.
These specialists are well aware of the housing market and the possible difficulties in selling a home, especially if there is little to no equity. This may make settlement of a divorce extremely difficult, particularly if one spouse is forced to continue making mortgage payments. Decisions must be made about when to sell, if they should short sell, or if one should buy out the other.
Buying a house can be just as onerous if a party suddenly sees his or her assets diminished, or if the other party must rely on spousal maintenance or Social Security. The real estate divorce specialist must be prepared for these contingencies and steer their clients in the right direction to adequately prepare for the next chapter in their lives.
