How to Sell a Home in the LBI Real Estate Market in a Divorce

How to Sell a Home in the LBI Real Estate Market in a Divorce

Divorces and the Long Beach Island Real Estate Market

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Long Beach Island Real Estate

It is a sad fact of life that some marriages end in divorce, and if you are reading this article, you are most likely going through a challenging time in your life. To that end, I offer my sympathies. Among the many emotional challenges that accompany a divorce comes the financial difficulties of separating the couple’s assets. While real estate has many advantages, one of the most significant challenges is dissolving the investment quickly. Unlike cash or stock, a house is more complicated to divide among the parties. This article will discuss the different ways to resolve a home on Long Beach Island in a divorce including how to sell a home in the LBI real estate market in a divorce.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

How to Sell a Home in the LBI Real Estate Market in a Divorce

Let me begin by saying I am a real estate agent, not a divorce attorney. Every situation is unique. The information I am providing in this article is intended to offer potential ways to either keep or sell a home in the LBI real estate market. In many primary markets, one member of the marriage will often stay in the house while the other moves out. On Long Beach Island, this is many times not the case. The LBI real estate market is primarily a second home market, so there are fewer concerns about school districts and job commute than you find elsewhere. Therefore, most couples going through a divorce will do one of the following:

  • Sell the home on the open market
  • One member buys the other out
  • The house is kept as a rental property, with the time being divided among the members
  • The beach house is used as a trade for the primary home

Selling a home in the LBI real estate market during a divorce is often the most likely outcome. Since neither couple presumably NEEDS the house, a sale is usually the best way to exit the asset. There is an emotional side to this as well. The memories made during a marriage in a beach house may be painful reminders of a past life. Therefore, selling the home may provide not only a financial closure but an emotional one as well. We also see many instances where one member buys the other out. This is most common when the home is a family home for one of the members. The potential challenge here is determining the correct value for the house, but that can be done either by an appraisal, the opinions of multiple local real estate agents, etc. Lastly, and surprisingly a common occurrence is to keep the house and create an agreement where each party can use it. While this does present challenges, there are potential advantages as well. If children are involved, they may not want to leave Long Beach Island and sell their beach house. If neither spouse can afford to or wants to buy the other out, this can be an excellent way to put the children first. When this happens, the house will be rented for part of the season, and that money is used to carry the house expenses. The remainder of the time can then be split between spouses. Lastly, owning a beach house can present a unique opportunity to settle a divorce. As I mentioned, in most cases, a home on Long Beach Island is a second home. Therefore, one spouse can keep the primary residence, and the other holds the beach house. In this trade-off, the home may not need to be sold, and the couple may avoid the added costs of selling the homes.

Divorces and the Long Beach Island Real Estate Market

There is usually no easy way to settle a divorce. Owning a home on Long Beach Island may only complicate things, so they so often result in a sale. That said, if you can come up with an alternative to selling that works for both spouses, there are ways to avoid selling the Long Beach Island home. If you have any questions about buyingselling or investing in the LBI real estate market, please do not hesitate to contact me.

By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

You May Also Like:

How to Determine Value in the LBI Real Estate Market

LBI Sellers-Meet Your House!

How Long Does It Take To Sell A Home On Long Beach Island

Advantages of Pre-Owned Homes in the LBI Real Estate Market

Will We See Higher Taxes on Long Beach Island