Can you sell a house while going through a divorce?
Yes, you can sell a house while going through a divorce. Seek Legal Counsel first to ensure that this is approved by the Court. More than likely, you will have to wait for the final divorce trial to ask the court to liquidate this asset before the proceeds could be divided.
How to sell my property during a divorce?
To sell your house during a divorce, you should seek advice from a home buyer, real estate investor, or an Agent so that there’s an unbiased third party, who can assist to establish a fair selling price and explore the options in selling.
Take a look at your financial obligations, and most importantly your joint assets, for instance, the mortgage. Would you and your soon-to-be ex-spouse be able to pay the remaining mortgage balance off? Is there equity or no equity in the home?
Do you have to sell quickly or do you have time to sell? These are some of the questions that you should consider and having a home buying expert could help get those questions answered.
Who gets the house?
There are many factors that go into dividing assets. If one spouse has bought the home before, they may have the right to keep this house after the marriage. If there is a prenuptial or postnuptial agreement, then that may protect their right to the house. Many states distribute assets “fairly”. However, this does not always mean that the proceeds will be split evenly in half.
What is marital property?
Marital property also known as community property is real estate or other property that was acquired during the period of marriage.
What is separate property?
Separate property also known as non-marital property is not included in the marital estate and is not subject to division by the court. It is assets that were obtained prior to the marriage.
What is a community property state?
Community property state is property owned by one spouse before the marriage, gifts, and inheritance received during the marriage, are treated as that spouse separate property in the event of divorce, depending on the jurisdiction.
What is an equitable distribution state?
Equitable distribution states that in a divorce, the property will be divided between the parties. It does not mean equal, but sometimes properties will be equally divided. Equally depends on the income and property of each spouse when they are married.
What is a prenup agreement?
A prenup agreement is a written contract you and your spouse enter before getting legally married. It states exactly what happens to finances and assets during your marriage and, of course, unfortunately in the event of divorce.
Is it better to sell my house before or after a divorce?
If you wait to sell your home after a divorce and you’re not court-ordered to sell immediately, the extra time gives you several more years to build equity in the home, pay down the mortgage, therefore you get more money out of the home sale (depending on normal market conditions). If you attempt to sell your house before a divorce, conflicts may arise If you’re going through a problematic divorce.
What are forced sales during a divorce?
A lot of couples are forced to sell their homes outright in divorce either when one spouse is not able to buy the other one’s interest or when spouses cannot agree on the value of the house. The only way to settle the issue is to sell the home for what the market will bear.
For more information on selling your house click here!