Going through a divorce can be stressful and comes with many questions or issues that must be addressed to proceed. One of those is what you should do with the family home. If neither of the spouses wants to stay in the shared residence or one cannot buy the other partner out of their share of the home, you may need to put the house on the market. Selling your house during a divorce might be the best option for all parties involved. Here are some tips on how to sell a home during a divorce.
What Are Your House Options During a Divorce?
During a divorce, you have a few options for what to do with your house. The first option is to divide your significant assets, for example, a shared home and a vacation property. While in some cases, it's easy to split the assets that are worth roughly the same amount, other times, it's better to go a different route. One spouse may be able to buy out the other party if they wish to keep the home. Some divorcing couples decide to split payments and co-own the home.
Usually, the best option for everyone is to sell the marital home and split the proceeds, offering closure and a clean break from the marriage. If there are proceeds, each party can split the cash to help cover their attorney fees, find a new living situation, and settle any debts. Keep in mind that if you haven't owned the home for two years, there may be some tax implications.
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Why Should You Sell Your Home if You're Getting a Divorce
While not every couple needs to sell a home during a divorce, the odds are that selling the family home makes the most sense. After a divorce, most couples go from being supported by two incomes to only one, so owning the same house would be financially devastating. There are also many emotional ties to a family home, and selling might be the best option for your mental health. Some people tend to have a win-at-all-costs attitude in a divorce, and although it sounds like winning, keeping the shared home can end up differently than they imagined.
How to Sell a House During a Divorce
If you're in the midst of a divorce and are selling your home, you have some options. The first step is to get on the same page as the other spouse. Make sure that final decisions are fair to both of you and that you agree. Work with a real estate agent you can trust, such as the team at Coveway Properties.
Preparing your home for sale can be challenging if repairs need to be made and you're still living in the house, but it is essential to selling your home. After the house is ready, you should list the house and when the sale is complete, split any profits that remain after obligations and debts are paid.
Dividing Proceeds
If you're going through a divorce and money has been a complex issue, then you're probably wondering when do you get money from the home sale. Generally, this isn't a complicated process. The escrow company will or can distribute the funds after making payments that have been agreed on and after paying off all of the house obligations. For example, you and your spouse may have agreed to pay off the marital debts with proceeds and divide the remaining funds evenly.
Suppose one spouse has been paying the mortgage payments while reducing the principal amount owed on the home to increase the equity. In that case, the amount of any profits to be distributed should be adjusted to account for the contribution. This is especially true if the paying spouse has also been paying spousal support or child support during the same time.
Contact Coveway Properties Today
If you're in the midst of a divorce and are interested in selling your home or are required to do so, our friendly, compassionate team is here to help. Contact us today at Coveway Properties, and we can help you sell your home during your divorce and provide you with the cash you need fast. We're available online and by phone at 925-667-5395. We're proud to offer you a solution during this challenging time and will work hard to provide you with a solution and sale that you're comfortable with for your home sale.
Why Choose Coveway Properties?
Selling a home can be scary, especially if you're under financial stress. That’s why we’ve created a Cash Offer Process that’s seamless and streamlined. Here are just a few reasons you should consider working with Coveway:
- We have a decade of experience buying homes
- We’re a proud, local company that cares about the Bay Area community
- We help families overcome financial hardships of any kind
- We buy homes in all types of conditions
- We treat each seller as an individual and provide tailored suggestions and advice based on your unique situation
- We believe in guidance-oriented solutions; we don’t just offer you cash for your home— we walk you through the process and ensure you’re comfortable throughout
How to Get Started
We believe that everyone should have a fair chance to reduce their financial stress. If you live in the Bay Area and want to sell your home fast, we’re happy to work together to create a fair and quick cash offer.
Getting started with Coveway Properties is just as easy as selling your home to us. Simply contact us by filling out a short one-minute form and one of our professional real estate investors will be in touch within a day to discuss our offer and begin the closing process.
Contact us today to get your cash offer within 24 hours!