The old adage about the divorce rate being 50% is no longer true. This percentage is now down to 39%. While everyone hopes that their marriage lasts a lifetime, these percentage rates show that not everyone is so lucky.
If you find yourself facing divorce, you will have to divide all of your possessions and assets between you and your spouse. Small items are easier to divide, while larger assets like real estate are harder to distribute. Unfortunately, you can’t simply cut the home in half and call it a day.
Keep these divorce tips in mind, and you’ll find it easier to sell your home as you move through the divorce process.
1. Put Emotions Aside
Handling a divorce can be stressful and highly charged with a range of emotions. Do not let these emotions flow over into your decision-making. You are more likely to regret emotion-based choices, which can have long-term adverse effects on your life.
It’s helpful to consult with industry professionals for their outside, unbiased advice. For example, a lawyer can advise you on your legal rights. A real estate agent or investor can advise you on the property value.
2. Who Owns the Property?
Before you start crafting your moving checklist, you need to figure out who owns what. If the property is titled in one person’s name, they are legally considered the sole owner. However, this could have changed if you and your spouse refinanced, and it now includes both spouses’ names.
3. What Does the Law Say?
As per Texas law, separate real estate is kept separate during the divorce. This means that the other spouse is not entitled to it. However, the owning spouse must prove with clear and convincing evidence that the real estate is separate.
Real estate that qualifies as community property will get divided during the divorce. There are several methods for division.
The property could get sold and the proceeds divided. Or one party could “buy out” the other by taking full possession of the real estate and allocating other assets to the other spouse.
4. Don’t Worry About Moving
Living with someone you no longer get along with can be miserable. Don’t live in misery! In Texas, you do not give up your rights to the marital house simply because you moved out. However, if you or your spouse have already moved out, the judge may consider this when dividing assets.
Selling your home can be ideal because it eliminates the fight over who gets to keep the home. It can also give each spouse a much-needed injection of liquid cash. This makes it easier to find new housing post-divorce.
Start the Divorce Process
Once you decide to start the divorce process, you’ll have to divide all of the property acquired during the marriage. This can get complicated for larger assets like real estate. Keeping these tips in mind can help you navigate the sale of the marital home.
Request a quote today and find out what you could sell your home for.