Going through a divorce can be an emotionally exhausting process. You’ll likely experience sadness, anger, denial, and even happiness and hopefulness.
However, amidst the emotional rollercoaster, you need to keep in mind the logistical aspects of getting a divorce. One of the biggest things you need to take into consideration is what you’re going to do with your home. Selling a house in a divorce can be a tricky process, so it’s important to know what you’re up against.
Read this guide to learn everything you need to know about selling a house in a divorce.
Who Gets the House in a Divorce?
A divorce that involves a property dispute typically plays out in one of three ways:
- One of the spouses buys out the other and keeps the home.
- The house is sold immediately, and equity for the home is split.
- One spouse keeps living in the home for a specific time period. Most often, this is until the youngest child or dependant turns 18. At this point, the home is sold.
Who gets the house depends heavily on the individual circumstances of the divorce. The distribution of property assets also depends on what state you live in and when you bought the home. For many, selling the house is the easiest option, as it allows you to cleanly divide the assets and move on.
Tips for Selling a House in a Divorce
If you and your spouse agree that selling the home is the best route to take, here are some tips to keep in mind:
Hire a Real Estate Agent
Hiring a real estate agent is always a good idea when buying or selling property. However, it’s crucial to hire a real estate agent when selling a house in a divorce.
The added stress of selling a home on your own isn’t necessary when you have so much else to worry about. An agent will be able to help you navigate everything from listing your home to dealing with closing costs. We recommend looking for an agent who has experience working with divorced couples.
Know When to Sell
Deciding when to sell your home during a divorce will largely depend on your individual circumstances. If you and your spouse are on good terms, it may be a good idea to sell your home before the divorce is finalized.
Market prices are continuing to rise, so selling fast will give you access to equity. You can use these funds to relocate to a new state or give yourself a fresh start. However, keep in mind that a quick sale is never a guarantee. It all comes down to luck and market conditions.
On the other hand, if you anticipate a lot of anger and resentment during the divorce process, it may be best to wait to sell until you and your spouse are officially separated. This way, you and your spouse will have some time to cool down and hopefully work together to sell the home for a good price.
Just keep in mind that you may be subject to capital gains taxes on the equity of your home if you wait to sell for several years. If you sell your home when you’re still married, then you’ll benefit from capital gains exemption.
Agree On the Price
Before you list your home, it’s important to come to an agreement on a price. You’ll need to come to an agreement on the lowest offer you’re willing to accept.
Additionally, you should decide how much you’re willing to spend on repairs and other pre-sale services.
Get the Home Ready
If you’re nervous about working with your ex during the selling process, don’t fret, as you can outsource most of the work. You can hire contractors to take care of renovations, repairs, and landscaping. Additionally, you can hire a team to clean and declutter your home, and you can even hire someone to stage your home.
If you’re not comfortable being around your spouse during house showings, you can have your agent take care of them for you.
Consider the Additional Finances
Before you get excited about the equity you’ll earn from selling your home, consider the other expenses that come with the home sale. For example, you’ll still need to take care of the existing mortgage when the home is on the market.
Additionally, you’ll need to pay agent fees, staging fees, repair and renovation fees, and more. As we mentioned, you may also need to pay capital gains taxes depending on when you sell.
Consider Selling As-Is
If the idea of working with your ex to hire a real estate agent, make improvements, stage your home, and set up showings sounds like a nightmare, consider selling your home as-is. ‘
When you sell your home as-is, you don’t have to worry about making any improvements or doing anything else to get your home ready to put on the market. Instead, you just sell it to a company that will pay cash for your home. And, you won’t have to wait weeks or months to get your home off the market.
The process of selling your home as-is can be taken care of in a matter of days. If you’re wondering, “How do I sell my house fast during a divorce?” selling as-is for cash is the answer.
Selling a House in a Divorce: Time to Sell
Now that you’ve read this guide on selling a house in a divorce, it’s time to get started. While it can be a difficult process, the tips above should make the process smoother.
Check back in with our blog for more home selling tips.
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