Here’s What You Need to Know If You’re Selling a Property Midst a Divorce
Divorces are, in most cases, dreadful experiences. And when a home hangs in the balance, they’re much more stressful. Who pays the mortgage? Who gets to stay there? Who gets equity and how much? You can take the property to market and sell it, but there are numerous downsides to this—we’ll get to those later.
Or, you can sell to us and get a fair price! We can even create a customized plan to make sure the judge and all parties involved are satisfied. There’s no cookie cutter “right” answer as to when you should sell your house during a divorce. A lot of variables must be factored into your decision—including your financial situation, tax implications, and local real estate market conditions. “We need to consider how much money you’d net if you were to sell it today, and then estimate what you might get if you waited another year or so to sell,” says Dawn Fore, a Divorce Specialist and top-selling agent in Houston, Texas. “Of course we don’t have a crystal ball, but we can look at the statistics that show if home values are increasing enough that waiting makes sense.”
When you already know that the home needs to go, selling it as soon as possible is often the smart choice for a number of reasons—but there are a few potential drawbacks which might make it better to wait to sell after the divorce, too. So, how do you decide if it’s better to sell before or after your divorce? Here’s everything you need to know about divorce home sales in Roscoe Village and why working with us here at Full Price Offers is ideal.
What Makes Splitting Couples Sell?
As a couple goes through a divorce, deciding what to do with the marital home can be tricky. Sometimes one person may wish to keep the house by buying the other spouse out, or they may decide to keep the home and sell it after the divorce is finalized. Other couples, however, choose to sell their home during the divorce.
Why Do Some Choose To Sell? There are benefits to selling the house in the midst of the divorce process, both financially and personally. The profit gained from the sale of your home might provide each spouse with a solid foundation to start anew. Selling the marital home and eliminating that shared investment can also help to provide closure in a legal and emotional aspect. Choosing to sell before the divorce is finalized can also help provide each party with the means to deal with other financial responsibilities and debts. Also, couples often decide to sell their home because it will no longer be affordable to keep it after they have separated.
Who Gets the House?
Divorcing spouses must divide their assets as part of their divorce settlement, but how your home (or the proceeds of the sale) is distributed depends on when you acquired the home and which state you live in. Of course, the guidelines set by the state you live in only apply if your case ends up going to court. If you and your spouse negotiate a settlement outside of court, then you can decide together what is best for both of you.
What is marital property? Generally, marital property includes anything you or your spouse acquired or earned during the time you were married. Examples include money earned at work, cars, and the home you bought together.
What is separate property? Separate property belongs to only one spouse, and whether your home counts as marital property or separate property can vary based on a few factors, including whether you live in a community property state or an equitable distribution state.
What is a community property state? In a community property state, almost everything you acquired during your marriage is owned 50/50, including income, assets, and debts. There are a few exceptions, including for property owned before your marriage. If you owned your home before you were married and your spouse’s name was never added to the title, you retain separate ownership (although your spouse may be entitled to half of the appreciation of the house during the time of the marriage). This can be complicated, so always check with an attorney!
Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Alaska is an opt-in state, meaning you can declare your assets as community property before or during your marriage by filing with the state. What is an equitable distribution state? In the other 40 states, assets are distributed fairly, but not necessarily equally. In an equitable distribution state, a judge may make decisions on who gets what based on income, financial contributions, earning potential, or other factors.
DID YOU KNOW?
Local historian and longtime neighborhood resident Chuck Betzold notes that people have been living in Roscoe Village since the 18th century, when the area was inhabited by the Fox Indians. Today the area is home to over 6200 residents
Don’t Let Emotions Ruin a Sale
Don’t sabotage your own profits. Many times, one spouse does not want to sell the house, but there is a court order to do so. That anger causes the devil to come out and ruin parts of the house—or they sabotage an open house by not keeping the house clean. “One time, we had to have the wife evicted during the escrow process. She sabotaged the sale, and now the court is sanctioning her. She has to pay her husband’s attorney fees now. It’s just dumb,” one real estate expert says.
Consider Hiring a Real Estate Attorney
Hire a real estate attorney who’s familiar with divorce. In some areas, there are a lot of divorce real estate experts. If they are not titled that way, make sure you interview candidates to see who has a lot of experience in selling after a divorce fast. The real estate agent must establish neutrality with both sides. They don’t represent one side or the other, and this removes any bias from the selling process. Sell a property for divorce fast with help from these professionals.
Sell for Cash: It’s Quick and Simple
There’s no time to waste! Get in touch with us here at Full Price Offers and get your home sold fast and for cash. We’ll provide a free, no-obligation offer in less than 24 hours. Get up and go in as little as two weeks! Couples agreeing to divorce overwhelmingly agree that the simple cash home sale is the best way to quickly sell a house after a divorce!