Can me and my husband benefit from selling our house before we divorce?

You need to consult a tax expert for answers to that question.

As long as you are still married i.e. divorce isn't final you can share exemption. Depends on how much equity you have but don't waste the exemption. You can always do the divorce and put in a later date for it to be final.

Consult an accountant about this.

Check with a tax professional to determine which options works best.

Depending on what you do with the profit, either way may be more of an advantage. You should talk to a lawyer to discuss this further along with other property issues involved in the divorce process.

It would be wise to consult a CPA if there is a possibility of that much gain on the sale. There are also some tax consequences that will take effect in the near future aside from the figures you mentioned. Generally, when people mentally figure what the gain will be they look only to the prospective sale price minus the purchase price. That approach does not consider the other expenditures for improvements, etc. that can be deducted in calculating your gain on the sale and thus reducing the amount subject to capital gains tax. You are entitled to $250k each or a total of $500k for the two of you. The benefit is the same whether the sale is prior to or after the divorce; however, if it is to be after the divorce the decree should leave each of you owning 50% of the house so each of you can claim 50% of the gain.

Either way you can get the capital gains exemption, unless the law change at the end of the year by the Obama administration. Not sure if that is one of the tax cut considerations.