Divorce and Selling a Property
Should You Sell Your Property in Cyprus During a Divorce?
Buying a property/house is one of the most important and expensive decision in one’s life, similar to marriage importance. Some marriages last forever - till death, but some are not such successful and not having a happy ending. And just as marriages take a lot of work, so is divorce. It is a stressful and emotionally charged situation that nobody wish to experience. However, if that time comes, it is important to remain rational as you will be dealing with a lot of things during the process.
Unfortunately, one of the sad things that come to mind during a divorce is whether or not you should sell the property / home you acquired together - marital property. For many people and couples, a home is one of the most valuable assets where acquired during the marriage and obviously comes with many memories related to the marriage.
The question is: “Should you sell your property during a divorce?" There are many emotional, financial and other considerations to think about when deciding whether to sell or keep the property under the same condition as it is.
What options do you have?
In some divorce cases, one will buy out the other’s share and keep the home. In other cases, where no one has the financial power to buy or no one is willing to keep the property, the situation demands that should be sold and the funds will be split between the couple according to the percentage of the ownership that they own.
Other times, the property donated to the children and they are responsible to decide what they will do, something that may create conflicts between the brothers/sisters.
Whatever situation you are in, it is important to determine if you will be selling your home in Cyprus during your divorce. Selling a property where comes after a divorced is a simple process, but is necessary to have the declaration of both parties accepting to sell the property.
How the funds of property sale divided during divorce in Cyprus?
When you bought your home - property each of you contributed to its purchase. But the most important is how the property ownership is distributed on the property title deeds (1/2 Share Each or 1/3 – 2/3 share). During a divorce, it is typical that you’d want your share if both parties agreed and declared to sell the marital home - property.
What’s the next steps if both sides agreed to sell the marital home – property?
When we have the official declaration that both sides agreed to sell the property in Cyprus, then we proceed to define the market value of the property. As qualified and registered property valuers in Cyprus we can elaborate an up-to-date and official property evaluation based on comparable evidence. At this point it’s essential to clarify that we are acting independently and prudent without having any benefit or interest of both involved parties. Furthermore, we inform the applicants or their immediate advisors – Solicitors about the results of the property valuation – market value and we proceed to the marketing of the property – promotion for sale.
What happened if the marital property affected by a mortgage?
The marital property is usually the greatest asset in a marriage, yet it is also the greatest liability. It is important that divorcing couples should handle the sale of the marital home in Cyprus in a businesslike manner. Selling a home in Cyprus during a divorce is much like selling real estate any other time, except that before even starting the sale process, it is important that both parties have already agreed on a settlement executed by your attorney or financial advisor. This agreement should specify who is financially responsible for any mortgage that’s affects the property and any other additional expenses. If the mortgage where affecting the property acquired for the purchase of the marital property in Cyprus, then the mortgage will be cleared together with the sale of the property - simultaneous elimination / repayment of the mortgage.
Hiring a real estate agent in Cyprus.
Choosing the right real estate professional is important. Our real estate company in Cyprus – Dempro Real Estate can provide you with step by step guidance and assist you to sell your property so you can move on with your lives also.