Tips for Selling a House During a Divorce

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Going through a divorce can be highly stressful and challenging. It's even more daunting when you have to divide your marital assets with your ex-spouse, including your marital home. Many issues can arise when trying to sell your house during a divorce, complicating the entire process. People's emotional connection to their homes can sometimes make it hard to accept to sell.

One of the partners may decide to keep the house, making it difficult for the other person to sell it. Issues are more likely to occur when it comes to dealing with an offer or splitting the proceeds of the sale. It's crucial to understand the different options available to you when selling a home while going through a divorce. This can help you decide the best route when selling your home to ensure you have an amicable process that works for everyone. Below are a few valuable tips to help you when trying to sell your home during divorce:

Sell the House Fast

If you and your partner agree to sell the house, you should consider selling it as fast as possible. Selling your home immediately is vital since your divorce can only be finalized once you've settled everything. This way, you can get done with the divorce process faster and move on with your new life. However, selling your home the traditional way can take longer and requires you to work together throughout the process. This can complicate the sale process, especially if you aren't on speaking terms.

The solution is to sell the house to a cash home buyer. This allows you to easily and quickly sell your house while going through a divorce. Most cash buyers buy homes in their current condition, so you don't need to make any repairs or improvements. Cash buyers also don't need to seek financing from lenders and usually handle all the necessary paperwork for you, expediting the sale process.

Buy Out the Other Party

If you disagree on whether or not to sell the house, the one who wants to keep it can buy the other spouse out. If your spouse wants to take full responsibility for the house, they can buy you out by paying you a lump sum. The amount can be above or below the property's market value, depending on each one's financial contributions, income, and the property's earning potential.

When your spouse buys you out, they must get pre-approved for a mortgage and show that they can afford the home on a single income. That means they must have enough money for the buying out that isn't a part of the divorce proceedings. The spouse doing the buying out can also apply for a larger home refinancing. It's important that you involve an attorney throughout the buyout process so no one feels taken advantage of and to avoid issues in the future.

Divide the House Sale Proceeds Equitably

There are many fees associated with selling a house the traditional way. These fees include agent's commission, foreclosure charges, legal costs, capital gains taxes, and more. These costs must be taken care of before closing. So, a portion of your profits from your home sale usually goes towards paying these fees. Once you've deducted these costs, you can split the remaining profits between you as agreed.

When it comes to deciding who gets what percentage, it isn't always an equal split. That's because a lot of factors come into play. For example, if you contributed more to your home's mortgage, you may receive a more significant portion of the profits. On the other hand, you may take less of the proceedings if you're taking more of the other assets than your spouse. Sometimes, you may need to use your local state laws to determine who receives what during a divorce.

If you and your spouse can’t come into an agreement, you may need to resolve the dispute in court. This way, it becomes the judge’s responsibility to decide how the home sale’s profits will be divided. The best way is to work with a trusted attorney to help you come to a mutual agreement, helping you avoid the lengthy and stressful court processes. Working with a trusted lawyer during the house sale process can also make the entire house sale process easier and prevent problems.

Keep an Open Dialogue When Accepting an Offer

Whether you decide to sell your house to a cash buyer or list it on the market, you will start receiving offers from potential buyers. It would be best if you quickly determined whether to accept the offer or negotiate. Accepting an offer on your home is a major decision when going through a divorce. To maximize the profits from your house sale, you and your spouse need to work together.

When you start getting offers, ensure that you maintain an open dialogue with each other and with your divorce attorney. It's always best to agree on a price you're both willing to settle for immediately after you decide to sell your marital home. If you cannot agree on some offers, it's advisable that you stay open-minded and seek advice from a professional. If both of you want to get done with the home sale fast and move on, you may have to accept a lower offer.

Endnote

Selling your marital home during a divorce is never a pleasurable experience. If you and your spouse aren't on good terms during the divorce, selling your house can be complex because issues will likely hinder the sale process. It's always advisable to get a trusted mediator to keep things civil and make the entire process easier for everyone involved.

Both of you should also seek legal advice to ensure no one gets taken advantage of and doesn't get what they're entitled to. While it's okay to feel emotional about moving on, ensure that you remain rational when selling your house during a divorce. Following the above-discussed tips can make you stand a better chance of successfully selling your house quickly during a divorce.

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Fill out our form to get started. There is absolutely no obligation. We buy houses for cash so that you can sell your house in the easiest, most hassle-free way possible.

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