How to Sell a House During a Divorce
Divorce is a period of emotional instability and one of the most difficult times in life. During this time, things can be tough to handle, especially if real estate is involved. Discussing what to do with a property during a divorce is a serious matter. Both parties must be willing to participate.
As experienced real estate professionals, we have seen how divorce can impact the sale of a house. One client reached out to Brotherly Love Real Estate because we buy houses for cash fast, and she needed the property sold as soon as possible due to her divorce.
This was a strange situation for us, and we thought it best to be prepared on how to sell a house during a divorce.
1. Let One Spouse Keep the House
The simplest way to sell a house during a divorce is to allow one spouse to retain ownership. It would entail the spouse buying the partner out of the house. With this arrangement, the spouse who keeps ownership of the house can often keep their mortgage with the same lender.
Buying a partner out of the house can take up to 6 weeks. But that only covers the legal process. Divorces are often messy, and finding a consensus about who gets to keep the house can get tricky.
2. Agreeing to Equal Distribution
Another standard practice is to put the house for sale and split the proceeds (equally or otherwise, based on the situation). In my professional opinion, “Selling the house quickly helps deal with the expenditures associated with a divorce.”
3. Seek Professional Help
Selling a home can be a challenging process regardless of the circumstances. But, as we know, divorce itself can be an emotional process. Selling a home during a divorce can therefore be even trickier than normal.
Due to the complications surrounding the divorce, partners may disagree over the price and the equity. A real estate professional can come in handy at this point.
4. Assign a Task to One
If the only option is legal separation, spouses should prepare and work in advance to settle issues related to the house. In some scenarios, one of the two partners takes the entire responsibility surrounding the house. This means that only one of them will deal with the realtors, dates, marketing, etc.
In other scenarios, couples on the verge of divorce put their differences aside to avoid financial loss and work together to sell the house. This option depends on the circumstances of the divorce and would vary between couples.
5. Sell the House to a Cash Buyer As-Is
Selling a property as is to a cash buyer can be a much faster and easier way to sell a home, particularly if you’re a first-time seller.
The top TN home buyers typically buy and sell land in any condition, without any renewal or financial stage. Simply show your interest in selling your house via a trusted cash-buying service, and they will offer you cash and take over your home.
FAQs
Who Gets the House in a Divorce?
Individual property plays a huge role in this decision. If a spouse owns more than one property and land, which is likely to be more than the other spouse’s, then the person with less property will get more dividends from marital property.
Can I Sell the Family Home During a Divorce?
If both spouses are owners of the marital property, both parties need to agree.
Is It Better to Sell a Home Before or After a Divorce?
It could be advantageous to list your home before you get into the trauma of divorce, but once you list and sell the property, you are bound to provide equity to the other spouse.
Summary
Ipsos suggests that selling a house can be one of the most stressful life experiences. The combination of selling a home with an ongoing divorce can make things even more complex. To make selling a property easier, it’s important to choose the method of sale that works for you.
If you are going through a divorce, selling a house for cash may be the easiest way to dispose of the property and move on to a fresh start.
I know this wasn’t one of the best topics out there, but sometimes you have to get through the difficult stuff to make way for good things.
