Sell an apartment due to divorce: what options do I have?

To sell an apartment due to divorce is a decision that most couples who, for one reason or another end their relationship, must make.

Sadly after the pandemic and the long confinement that we had to endure, many relationships were affected.

According to data from the General Council of the Judiciary, there was a 16% increase in lawsuits for divorce in the third quarter of 2020, compared to the previous year.

Many of the couples who divorce tend to own a property in common. But what to do with it? We discuss the two most common options below.

How to sell an apartment after divorce

The first thing to decide is whether the house will be sold to a third party or whether one of the two spouses wants to keep it.

It will also be necessary to take into account whether or not the couple is married, and they are if it was a marriage with a prenup or joint property.

1. Sell the home to a third party

In the event that neither of the wants to keep the home, it is best to put it up for sale.

As long as it is not sold, both parties will have to continue paying their share of the mortgage. Regarding household supplies, the person who is temporarily living in the house must be in charge until the sale takes place.

The profit obtained from the sale must be used to pay off the mortgage. In the case of money surplus, it must be distributed according to the regime in which the couple is married.

2. One of the spouses keeps the property

It may happen that one of the members of the couple wants to keep the property.

In this case, the person who keeps the house must compensate the other co-owner with half the value of the property. He/she has two options: buy part of it or take over the mortgage in its entirety, which is known as a condo forfeiture.

Without a doubt, the best way to solve the situation in an equitable, cordial and fast way is by trusting true professionals in the sector.

If you want to sell an apartment due to divorce; At KM2, a real estate agency in Barcelona and Madrid, we put at your disposal a specialized team of professionals who will take care of all the formalities and procedures so that you don’t have to worry about anything.