I need to sell my house during a divorce! Divorce breaks many things, not just the people involved. One greatest possession that suffers Humpty dumpty fall is none other than the home you both build together.
There’s nothing that can give you heartache other than seeing home splitting apart. No matter how harsh the truth seems, accepting it and making amends for the same is the only way out.
If your marriage has reached a dead-end and it’s impossible for you to see one another eye-to-eye, then divorce is the only practical solution. An equal division of assets, most notably the home you shared, especially if neither of you can afford to buy another.
Choosing to sell my house during divorce in Greenville, NC is the best bet. There is a pool of benefits, too. Both spouses get money to start it afresh, and it may help walk through a clean break.
Once you’ve decided to sell, you’ll have to face a lengthy process. Since you are not a professional, it might not be your cup of coffee to deal with it. Alas, in an attempt to make it a little easier for you, here’s everything you should know about selling a house due to a divorce situation.
Who gets to keep the house in a divorce?
Most divorces involving a property clash play usually stick around three ways:
- One of the spouses buys the other legal interest and keeps the home.
- One spouse keeps the home for a specific period, mostly until the youngest child turns 18.
- The house is sold out immediately, and both partners share the equity.
Who gets the house in a divorce situation usually depends on each individual divorce course. Each of the above-discussed scenarios may act in different ways. With that said, a few options come in handy when you’re attempting to negotiate for your best possible interests.
Why selling your house may be the best decision during a divorce
You might not be willing to sell my house during divorce in Greenville NC, but several benefits might convince you for the same.
1. Financial reasons
When you bought the home together, you may have made the best possible use of two incomes to cover the expenses. In case either party fails to pay for the mortgage, insurance, property tax, and maintenance on your income, selling the house may be the best course of action to consider.
- Legal reasons
In most cases, each person has a justifiable share in building a home together. If you both want the house but can’t decide mutually outside of court, the court will decide for you.
Most people prefer avoiding a legal battle, so agreeing on a plan to sell the house and split the proceeds is often the best solution.
- Liability reasons
If one spouse insists on keeping the house, it’s important to understand the liability risks and difficulties it might entail.
Homeownership is not as easy as drinking water. Mostly, it comes sweeping with significant financial requirements and liability risks. If you are not well-geared to pull it all together, you could lose your home or slip off your credit.
How to sell a home during a divorce
Selling a home during a divorce is similar to any other home selling, except that you should be clear on what both the parties might receive. As long as you’re not in a hurry to get rid of the home, it would be best if you aimed for a fair market value from the sale. The best real estate agents in Ayden can help you determine the value and at which point both spouses should agree.
Preparing to sell
Selling a home needs preparation, even if you are all set to face everything. If your home is in dire need of repair, but you or your spouse is not willing to give in to this unnecessary expense, then bank upon selling your home as is service. And in case you still want to invest in any home repair or maintenance service, make sure you have an open conversation with your spouse on the same.
Accepting an offer
Accepting an offer on the marital home is a big decision in a divorce proceeding. Make sure you don’t settle for anything less but fair.
While the house stands on the market, agree on a price both of you are willing to settle for. If you can’t agree, lay an onus of faith in the opinion of your real estate agent.
When offers start rising on your feed, indulge in an honest discussion with your spouse, agent, and divorce attorney.
Dividing the profit
Dividing the profit from a sale is a matter better left in the hands of your attorneys. In some cases, everything purchased or otherwise acquired during a marriage is meant to be equally shared by couples, regardless of the legal name of a particular person on the papers. These are regarded as community property states, and your attorney will know if you’re in one and understand the few exceptions that fall under such rules and regulations.
Otherwise, the expenses and profits associated with the home sales may vary and depend on agreements depending on your divorce attorneys. If one spouse had a larger share of the mortgage or financial upkeep of the house during the marriage, they might receive a more significant portion of the sale. If one spouse contributed more to the home but is also holding other large assets, more of the profit may fall into the other spouse’s hands.
The Bottom Line
With that said, we hope this blog helps you get a fair share of the property you are planning to get rid of while splitting your ways. Bidding adieu to the home you once loved sharing might seem like a destructive act, though it is contrary, especially when you are looking forward to making a move ahead.