HOW SHOULD I HANDLE REPAIRS TO JOINTLY HELD REAL PROPERTY DURING A DIVORCE IN VIRGINIA?

A significant piece of divorces where the parties jointly hold real property is dividing the real property; either refinancing the loan into one party’s name, or listing the real property for sale to a third party. Many parties to long term marriages acquired their real property years ago, making repairs necessary to these well lived in properties before listing them on the market. How are these repairs supposed to be handled? Let’s discuss.

Who pays for the repairs?

In most circumstances, the parties are equally responsible for costs incurred in the process of preparing a home for sale. However, parties may choose to agree to custom terms that work best for them.

What happens if we sell the property in “as is” condition?

Some parties may list their real property for sale without making any repairs, planning to agree to a discount to entice potential buyers to perform the repairs themselves. In these circumstances, the parties would agree to terms such as equally bearing the cost of any deficiency in the sale price, should the repairs result in a lower than anticipated sale price.

What happens if my spouse intentionally damages our real property in anticipation of the sale?

Someone may choose to take fixtures from the joint real property for their own use, such as light fixtures or landscaping, and choose not to replace them, leaving the property in a less attractive state to be shown to potential buyers. Others intentionally damage real property to impede the sale to negatively impact their spouse. A good lawyer, such as Michelle Hopkins, should be retained to fight for your interests in these circumstances.

Schedule A Consultation Today

Michelle Hopkins and her legal team are ready to assist you with the division of your real property. Contact her office at info@mhopkinslaw.com or 571-248-2210 to schedule a consultation today.