Episode 22: Divorce & Real Estate Explained with Jayson Nag
In this episode, Reside Broker/Owner Brady Bridges sits down with Jayson Nag from Nag Law Firm, P.C. to talk about divorce and real estate, the biggest mistakes he sees people make, and his advice for agents with divorcing clients.
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Jayson said his first step during a divorce consultation is always recommending marriage counseling, with the goal of reconciliation. Texas is a community property state, so all assets, debts, and liabilities acquired during the marriage are split 50/50 in a divorce - which includes real estate.
If one party wants to stay in the family home, they'll need to evaluate their ability to pay the mortgage and other bills, as well as their creditworthiness to refinance the mortgage in their own name. Jayson feels strongly that agreements are always better than litigation because it saves time and money for both sides to "play nice."
The big mistake Jayson sees divorcing couples make is not knowing an accurate value for the home they're selling. He said it's important to spend the money and hire an independent appraiser to evaluate the house and find out what it would realistically sell for on today's market, instead of trusting an online valuation.
The worst case scenario for Jayson is if the spouses can't agree to sell the house. At that point, the court can appoint a receiver who has the authority to sell the house "at whatever price they deem is reasonable, and sometimes that's less than what the person thought they were going to get."
For real estate agents working with clients who are in the process of getting divorced, Jayson says "the most important thing is maintaining communication" with the party's lawyer to help the agent understand what the timeline for a sale might look like. Since selling a home would depend on the parties either coming to an agreement or orders of the court, the timeline can vary from case to case - anywhere from six months "on the very low end" to several years.
Jayson can be reached at jaysonnag.com or 817-900-2823.