Sell A House Due To Divorce
What you Should Know
Divorce can be a very emotional and troubling time for married couples especially those who have been married for a long time. All the same, this divorce process involves financial among other difficult decisions before both parties can move on with their lives. the top priority most of the time is figuring out what happens with the kids if any and then the house. Usually one or both or the divorcing couple would want to keep the house. This sometimes becomes hard especially if the couple jointly qualified for the mortgage meaning none of the two would qualify individually. The only available option, therefore, remains to sell the property.
Why Decide to Sell.
Even though a generally stressful time of their lives, selling can be beneficial to both of them. The profits which they make from the sale of their house can be shared and utilized in starting their separate lives elsewhere. Selling as well will give the couple closure considering having a shared investment can be an impediment for them to move on, selling will give the toe emotional as well as legal closure.
Selling the home can furthermore be the only viable option which the couple has to enable them to deal with other joint financial obligations and debts. Keeping the home can as well be expensive for them considering the separation and they are therefore compelled to sell it or risk foreclosure action from their lenders.
Making Preparations for the Sale of the House.
To fetch a profitable price and quickly find a client to purchase the house most homes require some updating and maintenance measures before being ready to sell. These necessary works need some financial commitments, making various decisions and time from both parties of the divorcing couple. They should, therefore, decide via their divorce attorneys their priorities and settle on preferred contractors to do the job. A real estate agent can as well be used to do the needed work on behalf of the two of you which will smoothen the process.
The house can alternatively be sold to investor organizations which will purchase the house in the state in which they are without the need to do any renovations for cash. Such investor organizations will inspect the house as it is and give you an appropriate cash offer for the house. Their major aim is to make a profit and will, therefore, renovate the house after they have bought it and sale it later in the future at a profit.
Acceptance of the Offer
When dealing with such sales, the price which the house ought to go for should be decided between the two of you with the help of a real estate agent or your legal representation. Usually selling the house is never difficult for divorcees considering they are all after the same goal of a profitable and timely sale, however, it is not unlikely for disagreements to occur on which offers to decline or accept. If you cannot agree, you should consider the opinion of the real estate agent however you should discuss it with your respective lawyers first before making the final decision.
Sharing the Profits From the Sale.
During the sharing of the proceeds from the sale, there may be some variations depending on the state where the couple comes from or on the person who made more contributions for the mortgage and maintenance of the house. Washington for instance, subscribes to the practice of community property ownership in which everything that was attained during the period you were together is shared equally to each party. There are however exemptions in the event there was a prenuptial agreement but otherwise, the profits should be shared equally.
One person can, however, be awarded a bigger share of the profit depending on their contribution towards acquisition of the property, or a larger portion awarded to the other one if the other party has been given other relatively large assets.
Selling a house during the divorce process can be a very emotional and challenging time, you should, however, purpose to have your emotions in check and get a good team for representation and advise. It is advisable to hire an experienced real estate agent who has dealt with a divorced couple before to help in the sale of the property. The divorcing couple should ensure they have discussed and agreed on the scheduling and pricing of the house before actually listing the house for sale. In case of disagreements, their lawyers or real estate agents can offer them advice on the most appropriate choices to make. All in all, this is a stressful time in which mistakes can be made if you rush into things. You should, therefore, stay calm and ask for advice from your team to avoid mistakes.