How To Sell a House During a Divorce
A divorce is not always easy. It is a rare couple indeed who goes through a divorce without going through issues that involve assets and liabilities. These issues are usually complicated, particularly if they are shared properties, such as a house, involved. This is particularly made difficult if one partner wants to sell and the other wants to keep the house. Selling the house during divorce can be a touchy matter and it pays to know what one can and cannot do.
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Selling The House During Divorce
Deciding To Sell:
The most common reason why a couple would want to sell the house during divorce is financial. In most cases, the couple shared the mortgage payments on the house, likely paying off using two incomes. If one or both parties cannot afford to pay the mortgage, property taxes, upkeep, and insurance on their own, it is much better to just simply sell the house.
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One important thing to remember when selling the house during divorce is that whether a spouse lives in the house or not doesn’t preclude them from having any interest in what is done to the property. A house that is a community property, such as one that the couple paid for together or mortgaged after they were married, can lead to complications after the marriage ends.
For example, the couple has to discuss who will pay for the property taxes, insurance, and mortgage after they are separated.
MAKING THE SALE
Before selling the house, identify any issues that need repairs and maintenance. In most cases, you will need the assistance of an appraiser to determine the value of the property. Knowing how much it would go for in the market will help you make any subsequent decisions from hereon. After all, most divorce agreements will involve a split of the equity or the price of the house.
To increase the chances of making a quick sale, make sure that the home is prepared and that any issues are repaired, replaced, or upgraded. Since this will require some expense, it is important to discuss who will be paying or how the cost will be split. A divorce lawyer could help you decide on how to go about the process, especially if it will impact the split on the profit once the house is sold. It is also a good idea to discuss who will be in charge of the showings once the house is up for sale. At this point, the couple must already have agreed on the lowest price they will settle for.
You also need to work with a licensed real estate agent who will ensure that your listing receives the best price possible. In some cases, the agent will have to mediate in case there are disagreements between spouses. If any issue comes up, make sure to discuss the matter in a civil manner or course your opinion/decision through your divorce attorney or agent. This is especially important once you begin receiving offers from potential buyers.
DIVIDING THE PROFIT
After the sale is completed, the division of the profit should be handled by your lawyers. Divorce laws regarding shared properties vary by state. If you live in a community property state, for example, any property obtained or purchased during your marriage will be considered equally owned. Responsibility for expenses made for the property will also vary and should be considered on agreements that your divorce attorneys struck on your behalf. If you are unsure about what is due to you, consult your lawyer.
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The main concern about properties during a divorce is this:
Who gets what?
Here are some options to consider:
The property is sold and equity is divided between the couple. A partner purchases the house and other legal interest so he/she can keep the property. A partner continues to use and occupy the house until a pre-agreed-upon time period, such as when the youngest child is 18, after which the house is sold and the equity is divided between partners.
Deciding on which partner/spouse gets the house after a divorce will depend largely on many factors. After all, every divorce is different and any agreement will be affected by how cooperative or disagreeable either partner is.
ALTERNATIVE OPTIONS TO CONSIDER
Other possible options exist. You could consider co-owning your house and living as roommates. Or you could even consider something like dividing the house into half by putting up walls or barriers for privacy.
Some couples that have gone through a divorce end up keeping the house and treating it as a timeshare, co-signing an apartment lease, and splitting their time between the two properties.
Luckily, there is a much easier and simpler option for anyone curious about how to sell a house during a divorce: Sell the house to NeedToSellMyHouseFastinDenver. For most couples going through a divorce, their main goal is to sell the house quickly and move on. Rather than having to worry about how long until it sells as it sits on the market day after day.
Most divorce couples prefer to skip the stress and hassle that comes with staging a house, making it ready for showings, pay for expensive repairs and costly buyer upgrades that potential homebuyers expect.
In contrast, we can present you with a same-day all-cash offer, close when you are ready, and buy the house as-is. Plus, our direct home buying process is discreet; your property will not get listed, so you will not have to answer questions from any of your nosy neighbors about why you are selling.
If you would like to see exactly how much we can pay for your house, just fill out the short form below.
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