A divorce can be a complicated affair, especially when a commonly owned property is involved. In most cases, these common assets will need to be divided equally. This is especially true when your home belongs to both of you. The question then arises whether you should sell your home after a divorce. If not, who gets the house, and under what conditions. For many, selling a memory-filled house after a divorce can be a relief. It gives them the opportunity to start over with a clean slate.
If you are wondering about what to do, or you are having doubts about whether you should sell your home after a divorce, here are the answers you seek.
>> Should you sell your home after a divorce?
The best way to answer this question is to talk to your spouse. It should be the decision of both of you, working together whether to sell your home after a divorce. If you can’t reach an agreement it should be your local laws that force a decision.
>> How to divide a house during a divorce
If one of the spouses wants to keep the house after a decision to split it, the easiest way to go about this is to buy the other spouse’s part. If this is not possible, the best way to divide the house is to sell it and then divide the money as per agreement, usually half and half.
>> What if your spouse doesn’t agree?
Thankfully the law provides for a few options when your spouse won’t agree to sell the house and divide the proceeds. If your spouse won’t agree to the sale of the house but can’t afford to buy your part, you may need to consult a lawyer. In this case, your attorney will take your request to a judge who will order a forced sale.
>> How to prepare your house for the market
The first step towards selling your house is to make sure it’s paid in full. Any mortgages or debts against it should be settled. Once that has been done, take care of any repairs that may be necessary. Fix any issues the house may have and pay attention to its curb appeal and make sure it looks clean and ready for the new owner to move in right away. If you or your spouse will be living in the house prior to the sale, they must keep the place clean and ready for viewing at all times. Finally, get an assessment of its value and put it on the market.
>> Disclosing your divorce to potential buyers
A divorce is a personal issue that you are not legally obligated to disclose to anybody. The only exception to this is your realtor, but he or she should be very discreet with this information. Sometimes potential buyers like to ask why you are selling the house. Telling them you need a larger or smaller house should be enough.
>> Did your spouse bring the house to the marriage?
Sometimes a spouse will enter into marriage already owning a house. Unless your spouse put you on the title after you were married the sole ownership will be theirs. An exception to this is when you spent money on repairs or improvements. In this case, you will also own a portion of the property.
>> Is there a way to quickly sell your home after a divorce?
Luckily for those going through difficult divorces, there are a few options for selling their house fast.
One of these options is holding an auction. During an auction, there will be a base price placed on the property. This gives you a good idea of the lowest amount you will get for it. Anything above the minimum base price will be a bonus.
Additionally, you can take offers from cash buyers. This cuts down on paperwork and closing times.