It’s not uncommon for a judge to decree that a Rhode Island couple’s home be sold as part of a divorce settlement. However, that doesn’t mean that the house will sell right away or for your desired sale price. There are several different things you can do if this happens to you.
Stay in the home until it sells
Assuming that you have a decent relationship with your spouse, it may be possible to simply stay in the house until it sells. A temporary agreement can be drafted that establishes who is responsible for paying for the mortgage or covering maintenance expenses. The agreement may also stipulate who does the weekly grocery shopping or pays the nanny to watch the kids.
Turn the home into a rental property
If neither you nor your ex wants to remain in the family home, you may want to think about turning it into a rental property. This may help cover the cost of keeping the home until it sells. It’s worth noting that the tenant is allowed to stay in the house until the end of his or her lease no matter who owns the property. Furthermore, any money collected that exceeds the monthly holding costs may be subject to state property division rules.
It can be frustrating to watch a home sit on the market for several weeks or months. However, it’s generally in your best interest to wait for the best possible deal as opposed to liquidating the asset for less than what it’s worth. This is often true even if it means living with your former partner or making payments on two properties for several months.