When you’re getting a divorce, the point where you need to decide how to divide your assets and do all the paperwork involved can be pretty tricky and daunting. This is also true if you’re looking to finish the whole process and get it done as quickly and humanly as possible. So, how do you get to the point where you can already sell your house during a divorce?
When you got married, you might have thought that your relationship with your partner will last forever. So, you haven’t even thought about selling a house during divorce so it might be best that you do extensive research to ensure that you’ll get a fair deal and get what you’re entitled to.
Who Will Own Your House After a Divorce?
You might save yourself from headaches if there’s a clear-cut answer to this question, but there are a lot of possibilities to consider in this situation. Also, one of the most common questions among couples is, “how do I sell my home fast?” But how to divide your marital assets can be really difficult. Also, how these possessions are split up will depend on where you live, so you should check your local laws.
Conjugal property and assets are everything that you’ve acquired while you and your partner were still together. These are also usually divided relatively between the two parties. So, if you bought your home before you got married, it’s likely that you can keep the house when you separate. You can also sign a prenuptial agreement to protect your assets when you’re still single.
If you reside in a community property state, you can split the earnings of selling the house 50/50 with your partner. This is also true for the other assets that you’ve bought while you were still together. Also, some states use community property laws to determine how debt and assets can be divided between two parties in a divorce. So, if you live in California, Arizona, Texas, Washington, Idaho, Nevada, Louisiana, New Mexico, Wisconsin, and Puerto Rico, your assets will be divided equally with your partner.
Meanwhile, other states divide an estranged couple’s assets “equitably,” so this doesn’t mean that it’s always 50/50. For example, if you are the one who earned more and invested a more significant amount of money in the property, you get a higher chance of getting more from the house’s value when it’s sold.
These factors are why you must get an experienced lawyer by your side and make sure that everything proceeds fairly. You should also ensure that you get what you deserve based on the value of your property and the laws that govern how you’re going to divide it with the other party.
How to Sell Your House During Divorce
The whole process of selling a house during divorce is very similar to any other situation, but you will have to split up the earnings differently.
Get Your House Ready
The first step that you need to do is to make any required improvements to your home. You could choose to sell your property as-is if you don’t want to spend more time, money, and effort on closing the sale. However, people who live in a poorly maintained home need to wait a long time to sell their house. So, getting it ready for selling might be a good option if you want to get things done quickly.
Another thing that you need to do is adding your home to a listing with good photos and descriptions. You can hire an agent to help guide you throughout this whole process.
Hire an Agent
When hiring an agent, you need to find a reliable individual who can give you an accurate valuation of your property and help you create the best listing to sell your home fast, sell your home online, or get it featured on real estate publications.
But the most important thing that you should discuss with your agent is how you and your partner can get a fair value for your home.
No matter how long it takes, you’ll get an offer from potential buyers eventually. So, you just need to wait, especially if you’ve already listed your property. You can also decide to make an offer yourself. Counteroffers are also very common, and you shouldn’t be surprised if reaching a deal takes a long time since you need to have a back and forth discussion before the sale.
Once you’ve received a reasonable offer, it’s now time to close the deal and finalize the purchase. Don’t be in a rush only because you’re selling a house after the divorce agreement, and it’s still best to be patient and bide your time to get the best offer for your home.
Deal with the Proceeds
The money you get from your property’s sale won’t get split between you and your partner right away. There are many fees and expenses that you need to cover when it comes to selling a house. One of these expenses is your real estate agent’s fees, existing mortgage, and the debts and credit related to your home. So, a considerable chunk of the proceeds will need to cover for all these add-ons.
Also, if you decide to sell your house while you’re still married, you might avail of some benefits, like capital gains tax exemptions if your property is worth less than $500,000.
When the time comes to split the proceeds, you need the help of lawyers to agree on all aspects of the process. Based on the state laws in your area, you might need to follow some regulations regarding this process. Also, if you signed a prenuptial agreement, it will have to be followed.
Selling a house during divorce is almost always a complicated process. So, you should be ready as the situation could differ among people who go through a divorce, and you will need advice from qualified and experienced people to settle the issues.
Although selling a house when you go through a divorce is not easy; going through the same process while you’re feuding with your partner is a lot worse. So, you should try to meet the other party in the middle and compromise as you need to agree with almost every aspect of the sale.