Are you trying to sell your house fast during a divorce? It can be a difficult and emotional process, so it’s important to be clear about your goals and to find a solution that moves quickly so you don’t have to dwell on any negative aspects for too long. Selling a house during a divorce is going to bring up a lot of issues, especially if you’re dealing with a situation where both parties aren’t on the same page. Selling your house in a divorce can be beneficial because it helps you make a fresh start and move forward. It also may be required as part of the divorce. Whatever the reason, it is possible to sell your house fast during a divorce, especially if you use a cash buyer like Axess Home Buyers. Let’s take a look at what you need to know to sell your house in a divorce.
Selling A House During A Divorce: Helpful Tips
Understand the Reasons to Sell
Before delving into why or how you can sell your house during a divorce, it’s important to consider all of the reasons it would be good for you to sell a house fast before the divorce is finalized. The first part is that selling now may reap some financial benefits. The profits made on the sale could provide one or both people with a financial foundation they can use to start moving forward with their new life. If both sides already have other homes, selling this house now could cut down on monthly costs and payments that add up, which will make it easier for both of you. It also may not be financially smart to keep the house any longer, especially if one or both people’s financial situations have changed or are expected to change soon.
There are also emotions that you’ll want to consider when selling a house fast. Selling a house that you lived in with your former spouse can be an act of closure as you literally split away from the past. It acts as a figurative and literal example that you are separate parties now. It frees you up to start sorting out finances and personal decisions for yourselves. If one person decides they want to keep living in the house while the other person does not, that can strain relations between both sides, especially if the person who moved out still bears some responsibility for the finances of the house.
Make Sure You’re Untangled
If your plan is to sell your house during a divorce, especially if you are going to sell it on the housing market, you need to make sure that both of you have reviewed all of the financial concerns and potential entanglements involved in the house and sort them out first. Did you purchase the house on a joint mortgage in both your names? Then you are both financially liable for the house. Because of that, both of you need to make decisions regarding how it will be sold and shouldn’t make decisions without considering the other person. There may also be other issues to sort out, including accounting for who paid for upgrades and repairs, who owns items inside the house, who are paying property taxes, and whether or not someone has affection for certain items inside the house that need to be set aside.
You should probably consult a lawyer who specializes in these situations as well as a tax specialist who can walk you through the house sale and what taxes you’ll be responsible for. You may not be aware of every tax code rule and could end up selling the house in a way that hurts your bottom line when it comes to Tax Day.
Determine All The Details
When you sell a house during a divorce, there are lots of issues to consider that might not be obvious at first glance. However, it’s important to have tough discussions sooner than later, if the current situation allows for it.
You need to be on the same page about a lot of issues regarding the house you’re trying to sell during a divorce. Who is paying the house maintenance during the divorce? Who is handling the HOA fee, loan payments, property taxes, and all other financial considerations tied to the property? Who owns the furniture and memorabilia items inside the house? You’ll need to make an inventory so both sides of the divorce can agree as much as possible about all the responsibilities. Don’t be afraid to bring your divorce attorney into the discussion if it’s too hard to have in person. You don’t want there to be any questions when it comes time to sign the contract.
Also, make sure you talk about issues that could come up as you decide to sell the house. Does it need repairs before it’s listed? Is someone going to live in the house while it’s on the market? If so, is that person covering a certain financial amount? Who is responsible for keeping up the house? Who will the real estate agent talk to? How will negotiations be handled? These aren’t easy questions to discuss but you have to have them if you want to avoid headaches down the road and there’s money on the line.
Lean on a Lien
If you find that one spouse is more interested in being the responsible party and the other spouse wants to absolve themselves from responsibility, you can do something called a divorce lien. Basically, one person will keep control over the decisions related to the house while the other person will get a deed of trust that ensures they will be provided with an agreed-upon share of the equity post-sale. However, the person carrying the lien gives up their say in how the house is sold and for how much.
Divide Profits Fairly
Do you know marital property laws in Utah? In the state of Utah, marital property must be divided fairly between the two parties. While that usually means 50-50, especially in a long marriage, that may vary if one person can make a case. Some examples include if the house was owned by one person prior to the marriage if the house was inherited by one person, if there is a prenuptial agreement, or if the property was gained after a legal separation. Be very clear about where you stand in your divorce when it comes to property and be sure to consult lawyers if you’re not sure.
Sell the House As-Is
It’s easier said than done to have tough conversations about selling a house quickly during a divorce, especially if the divorce has been ugly. There may not be room for too many discussions and there may be a desire to sell your house in Utah quickly so you can both move on and start fresh.
That’s why you should consider selling your house as-is to Axess Home Buyers. Doing so means you avoid real estate agents and their commission fees, you don’t have to pay for repairs or upkeep, you can get a cash offer in as soon as 24 hours, and you can close on the sale within days or weeks. It’s that simple. We’ll make you a fair cash offer and you are under no obligation to accept it. But if you do, we’ll work with you to buy your house fast and help you move forward as you navigate the next chapter of your life. Don’t hesitate to contact us.