Life is filled with challenging moments. One of the most challenging times can happen when a couple realizes that they do not want to be together anymore, and they decide to file for divorce. It is wonderful building a life with someone and bringing together your finances, as well as owning your home jointly. Unfortunately, if you decide to divorce, you need to separate not only yourself, but your finances, and even your home, which can be trying both emotionally and financially. The good news, however bittersweet, is that you do have some options that will soften the blows.
My team has helped more couples than I can count sell their home during a divorce. It’s not something we like to do, because no one likes seeing a relationship fail, but we vow to give each client the care they deserve during this most trying time in their life. We have helped so many and if you are put in this difficult position, we are here to help you, as well.
While every divorce is unique to the couple going through it, one thing does remain constant – you will need to determine what to do with your home. When you’re dissolving your relationship that’s a decision that will need to be made. You have a few options concerning what happens to your home and I encourage you to choose the one best suited to your familial situation.
One Spouse Stays and Buys Out the Other
You might decide that you don’t want to lose your home so you will take over the responsibility of homeownership on your own and you will give your spouse their half of the equity in the form of a check. This generally involves refinancing the home as a single person, rather than a couple. If your divorce is final, you might need to have a lawyer draft a “quit claim deed” that “sells” the portion of their home to the remaining spouse. Having an attorney involved at this stage generally tends to make things easier, as they act as impartial parties that are handling the sale as they would any legal transaction.
Co-Own through the Divorce
Some couples decide not to sell through the divorce, and agree to continue owning the home together. Often this tends to be a choice that is more popular with couples that have children. They might want to ensure that the kids are not disrupted or that they don’t have to change school districts. Whatever the reason, this is an option, if you can handle continuing to live with your spouse as your marriage dissolves.
That said, there are some things to consider if you decide to stay in the home together. For example, if you’re having any financial troubles and end up missing a payment, this is something that would continue to affect both parties, because you would still both still be responsible for paying for the home. Likewise, if the home needed some type of repair, you would need to work out an agreement that handled shared payment, whereas before that was unlikely to be an issue.
If you decide to remain in the same home, it’s highly recommended that you write up an agreement about what co-owning your home means. You should write down who is going to pay for what or what you will split down the middle. Having everything clearly written out will ensure you have one less thing to deal with if your divorce becomes heated.
Sell the Home is Most Popular Choice
Generally, the most common choice, is to sell the home immediately. In this case, the mortgage is paid off and in most situations, any remaining money would be split between you and your spouse. If the home has not accrued enough equity, you might opt for a short sale if you do not wish to invest anymore time in the home or any additional money on the divorce.
When it comes to divorce and property ownership, you either reside in an equitable distribution state or a community property state. For example, here in Texas, we live in a community property state. What that means is both spouses are generally considered to be co-owners of any property acquired during the marriage. It does not generally matter whose name is on the title or who earned more money. It simply means that in most cases any property purchased during the marriage will be split 50/50 when divorce proceedings occur.
You Need a Real Estate Team that Knows how to Deal with Divorce
If you’ve made that devastating decision to divorce and you’re opting to sell your home immediately, you need a realtor with a great team that has experience selling homes for people that are in the midst of a divorce. I am that realtor! My team works day and night for all of our clients, but we are specially versed with handling the unique issues that occur during divorce. We want to take the stress off your selling issues so that you can handle your divorce with dignity, as you move into the next phase of your life.
I understand how important it is that you sell your home quickly. This is important for every family that has made the hard decision to sell their home, but even more for someone in the middle of a divorce. My entire team will work with you to list your home, handle any possible issues involved in the sale, and get it sold as quickly and for as much money, as possible.H
When it comes to selling a home, two of the things that determine the ability to sell quickly are the price of the home and the marketing that the realtor does to ensure the most amount of people know it’s for sale. Once you’ve hired our team, we will set to work to list at the best amount for your home, and to market your home, on the Internet and locally to ensure for a quick and painless sale. We will work with you to determine a price that is comfortable for you, and reasonable when you consider your home and neighborhood. From there, we will work tirelessly, so you don’t have to, to get your home sold.
One of the ways we help determine the list price of your home will be with a CMA (comparative market analysis). This is a fancy term that basically means we will look at the local real estate market in your area, homes that have sold and are comparable to yours, and a variety of other factors. A CMA and a home appraisal will allow us to pick a competitive, price point for a quick sale. Contact us 214-636-7138. In the meantime find out instantly what the value of your home is. Click Here