How the buoyant property market can impact divorcing couples
When relationships break down and people go their separate ways, often the family home and other property assets will need to be sold.
Sometimes it is possible for one of the parties to buy the other party out, but when the property market is as buoyant, as it is at the moment, other factors need to be considered.
We are currently experiencing an unprecedented demand for property on the Sunshine Coast, with many properties being snapped up before they even go to market. This makes it difficult for a couple who are separating to agree on a fair and reasonable price if there is a possibility that one party will buy the other out.
On the flip side, when a spouse does not work, or simply cannot afford to buy the other party out, and the sale of the property becomes necessary, it is important that any property that is listed for sale is marketed in a way that will achieve the best possible result for the separating parties.
A buoyant property market often means a favourable result for the vendors but when the vendors are a separating couple it can mean heightened stress levels and angst and it is important that they both have independent legal advice to ensure their interests are protected.