Can You Sell Your House During a Divorce?
By Space Coast Daily // October 5, 2020
Going through a divorce could become an emotional rollercoaster journey for a family. However, the situation can worsen when it comes to divvying up shared properties.
Issues could arise if neither party has the means to maintain the upkeep of the family home. Another concern could also be connected to both parties preferring to let go of any emotional attachments they have to the marriage by putting their house up for sale.
Whatever the reason may be for wanting to go ahead and sell the house before their divorce has become final, a couple could indeed proceed to sell during a divorce. In fact, one of the quickest ways to do so is by contacting one of those fast cash home-buying services such as Offer House.
Why Is Selling An Ideal Choice For Some?
There are advantages to selling your home in the middle of divorce proceedings, regarding finances and personal reasons. The profit earned from selling your home might be the key to each spouse respectively receiving what they need to start over again. Selling the house you shared for years and getting rid of that joint investment may also help to bring a sense of emotional closure to the relationship.
Deciding to sell before the divorce has been completed may also give each spouse the funds to deal with current debts and financial responsibilities. In addition, many couples decide to sell their house because neither one will be able to afford it once they have split. Companies like Fair Cash Deal can make that happen for you quickly and easily.
Getting Ready To Sell
Before you decide to sell your home, consider the various tasks you will have to accomplish and decisions that you will have to face. For instance, does your home need to be fixed up before it can be put on the market?
This will take time and money, which will have to come from you and your spouse. Get ready to have these discussions by talking things over with your divorce attorney before making any final decisions.
If you decide to work with a real estate agent, you and your spouse can work with them since you both have the same goal in mind. Having someone to sell the house for you could also make things happen faster for you. Discussing these important factors with your spouse ahead of time could help avoid disagreements down the road, not to mention take a good amount of stress off your mind.
Important Questions To Tackle
Have a discussion with your spouse regarding essential matters about your home. Does the house need maintenance work or remodeling before it’s ready to sell? While the house is on the market, will one or both of you continue to live in it? If not, which spouse will be responsible for paying any of the bills? Will one of you be responsible for showing the house around to potential buyers, or will that be the real estate agent’s job?
Accepting An Offer
Regarding the sale of your home, one of the most significant decisions to be made is its selling price. Have a discussion with your spouse and your real estate agent to settle on a price that’s amicable to all parties. It may be a good idea to involve your divorce attorney in this conversation as well.
Once you begin receiving offers, prepare to have more in-depth conversations with your spouse, your real estate agent, and your divorce attorney. Should you have any disagreements on whether you should accept an offer or not, ask for advice from your real estate agent and attorney, as this issue is within their areas of expertise.
Dividing The Profits
After the house has been sold and the time to divide the profits made from the sale has come, you will need to consult your attorney regarding how your state handles property division. Many states are community property states, meaning that everything purchased during the marriage is considered to be owned equally by each party. Check with your lawyer if he’s familiar with this aspect.
As a result of this provision, the house that you lived in as a married couple belongs to you both—regardless of who shelled out more money for its purchase, improvement, or repairs over the years. Your attorney should know the appropriate laws in your state, so it’s best to bring this matter up and learn how you could avail of a better deal once the profits arrive.
Divorce is indeed a difficult time, but try not to rush into any moves you may regret. Take your time when it comes to making significant decisions regarding your life or your property. Before you decide to sell your home, give it a lot of thought, and talk to your attorney to make sure you’re not jumping the gun on things.