One of the most difficult parts of filing for divorce in any state is the process of dividing property and assets. And among the most expensive and valuable assets is the home that both parties helped to build and create equity. It is also common in most divorce cases that the decision of what to do with this property is the most contested and heated discussions. It is for this reason that when people have filed for divorce, there are a few important things to consider when it comes to what to do with the home.
Considerations For Divorce and Selling My Home
- Do We Sell the House and Split Profits?
When you’ve filed for divorce, the court of any state will demand that an action plan be submitted as to how the property will be divided. One ‘easy’ option involves selling the home and splitting the profits between parties. However, with this decision come many potential arguments including:
- What percentage does each party receive?
- Are profits to be split after taxes and which party is responsible for paying taxes?
- Where will each party live after the house sells?
As you can see, this option is a difficult one, however it is critical to ensure the divorce is handled legally in any state.
- Do you Purchase the House from Your Spouse?
The second thing many people who file for divorce consider is buying the house from their soon to be former spouse. This provides them with sole ownership and provides the other party with some equity to purchase another property. However, this decision is often complicated when there are children involved. And in order for this to be an alternative, the court must approve this decision to be mutually beneficial for all parties.
- Do you Maintain Joint Ownership?
This option; believe it or not is often the most realistic financially speaking. Although the thought of sharing a home with someone you divorce seems unacceptable, many people feel they need this option.
Two reasons make selling difficult during a divorce:
- Neither party can afford to sell the home or,
- The market isn’t doing well for selling.
There are many potential personal issues with this option as well that might lead to more stress, potential struggles and a poor environment for any children involved.
- Do you Sell Your Home Quickly to a Home Investor?
A final option that has become much easier for many people who have filed for divorce is to sell the property to a home investor who provides great marketplace value for the home with very little hassle, no closing or realtor fees or home improvement projects to be completed to sell your home to private buyers. This option also allows both parties to find a new place to live sooner. It also allows divorcing couples to schedule a closing date that works well for everybody.
The decision to file for divorce is a difficult one indeed. However, when filing for divorce and selling my home, many options are available. Divorcing couples should ensure the sale of the home is legal, quick, easy and painless as possible.
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