July 23, 2019
Going through a divorce can be one of the most stressful experiences anyone has to deal with in their lives. Handling your finances during a divorce can make things even more difficult. If you are selling your home during a divorce, here is what you need to know.
Remember That Both Parties (Or The Courts) Need To Agree To Sell The Home
During a divorce, both parties will need to agree to sell the home in order for a sale to commence. In lieu of that, the home can be sold under a court order. The court may order the parties to sell the property if necessary to pay for attorney fees, if the homeowners have not made their property tax payments, or if the home is at risk of foreclosure.
Hire Real Estate Professionals With Experience Selling Divorced Homes
It is important to work with real estate professionals who have experience selling homes when the owners were getting a divorce. This process requires a greater understanding of how to navigate the legal system and how to deal with two parties who sometimes have opposing interests. The agent in these cases must be neutral, not representing either side.
Don’t Let Your Emotions Harm Your Home’s Sale Value
In some cases, one spouse may not be totally committed to the sale of the home even though there is a court order. This can cause a wide range of negative emotions that can manifest themselves in destructive ways. There have been reports of angry spouses sabotaging a home for sale during divorce by damaging the interior or refusing to clean when the property needs to be showcased to prospective buyers. Don’t let this angry spouse be you! Even if you aren’t 100% committed to the sale, you are only damaging your home’s sale value and reducing the amount of profits you’ll receive. This can make it even harder to move on.
How Are The Profits Divided?
This can be tricky, and acrimonious. First, the sale’s proceeds must pay off any obligations, such as mortgage debt. If you have legally agreed to make other debt payments, then those may need to be paid before the profits are divided as well. The rest of the profits will be divided based on agreements made in the divorce, and it isn’t always 50-50. For example, if one spouse has made all the mortgage payments post separation, then they’ve been responsible for increasing the equity, and may be entitled to more profits because of their contributions.
If you are going through a divorce, you don’t have to go through the traditional home sale process of hiring a real estate agent and showing your property to prospective buyers. You can immediately sell your property to 4 Brothers Buy Houses and avoid all of the hassle. 4 Brothers Buy Houses makes it simple for property owners to quickly get fair value for their homes, so that they can move on with their lives. You can get a free no obligation quote at any time, and you decide how you’d like to move forward. Divorce can be difficult, but the sale of your home doesn’t have to be.