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What to do with Housing in Case of Divorce or Separation

In a separation or divorce procedure, one of the issues that costs the most to regulate and that causes the most problems is housing. When the use and payment of the property has been shared during the marriage, it is necessary to correctly and legally regulate what will happen to the family home. It doesn’t matter if we are talking about a friendly divorce, or if it comes with litigation. The most important decision is to determine if one of the parties stays with the house or if it is sold. Whatever the outcome of the negotiation, everything has to be embodied in a regulatory agreement to avoid future problems. Here are some tips on what to do with housing in case of divorce or separation.

It is decided to sell the house

When the former spouses reach an agreement to sell the homes, it must be taken into account that each one will have to declare the sale in the IRPF. The real estate operation can provide an economic gain, which is stipulated by calculating the difference between the value at which the house is sold and the value at which it was purchased, according to the year in which the property was acquired.

Both parties will pay taxes based on the proportion in which they are owners. Earnings of up to 6,000 USD are taxed by 19%, and the percentage rises to 21% between 6,000 and up to 50,000 USD, and 23% from 50,000 USD.

If, on the contrary, the sale of the property throws losses, they must also be declared as compensation can be obtained in the same income statement.

If the former spouses want to reinvest the money from the sale in buying a new habitual residence, they can also deduct the taxation on the part of the profit that is destined to the new purchase. And some of the parties are over 65 years old, neither will they have to pay taxes for the profit they get when selling the house, nor are they obliged to reinvest the money in the purchase of a new home.

The house is for sale but there are no buyers

The process of buying and selling a property can be long and complicated; much more if several parties in conflict are involved. It is quite common for the house in case of divorce to take time to sell, and in the meantime we must continue to take care of everything. The co-owners are obliged to continue paying the expenses generated by the home and include it in the personal income tax, based on the percentage of participation they have in the house.

If, after the separation, neither party follows housing, they will have to impute real estate income. In case one of them does reside in the house, only the former spouse who no longer lives there will have to do so.

Mortgage payment

If the house is gain, the mortgage payment is the responsibility of both parties equally, at 50%. The quotas will continue facing the same as when the couple resided in the property, until the company of liquidators is liquidated.

The house is put on rent

One of the options that customers are demanding the most for their home in case of divorce or separation in the rental of the marriage home. It is a very good investment, since the lease offers a high return and allows covering the expenses while the ex-couple decides what to do with the property. When the house is rented, both parties can enjoy a 60% reduction on the net rental yield. Of course, for this you must declare the lease in the declaration of income as a return on real estate capital.

Whatever the decision made by the former couple with the house in case of divorce, if selling or renting, the most advisable thing is to go to an experienced real estate consultant, to carry out the process with legal guarantees and total tranquility. In addition, the real estate agency can handle the sale or lease of the home. We offer you a comprehensive advisory service so that the management of the couple’s assets does not involve any extra problems. Contact us and tell us your case.

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