Although a divorce can tear a family apart and take an emotional toll on both parties, sometimes it is unavoidable. If you and your spouse have decided to divorce, you may be dealing with complicated matters such as asset division. If neither of you wants to stay in what used to be your home, or if neither can afford to buy out the other, selling your house is a good option.
Selling your family home during a divorce can be difficult. Disentangling two lives is hard enough; throw in what to do with a house on top of all that, and you’ve got a potential disaster. It can be a way to jumpstart the new beginning for both sides and avoid future issues.
There are both advantages and disadvantages to selling a house during divorce. Before dividing the sale’s proceeds, you’ll have to pay the mortgage, the broker’s fees, and any capital gains tax that might apply. On the bright side, both spouses get money to start over and make a clean break. Once you’ve decided to sell, you’ll face a long, detailed project that involves a number of projects. Keep reading to know more.
Covid-19 and Divorces
With lockdowns and social distancing, couples have been forced to spend increased amounts of time together, which has acted as a catalyst for break-ups. For other couples, it is the increased mental health problems linked to the pandemic that has played a role in their break-ups. Covid-19 has taken away routines that offered comfort and stability, and without these, partners can’t find other forms of support or stimulation, putting their relationships under strain.
It’s old news that the pandemic is affecting many of our core relationships. There has been a spike in searches for online advice on ending a relationship. Also, law firms have logged a 122% increase in inquiries between July and October compared to the same period.
Sell Your House Fast Before Divorce
However impossible and difficult it may seem, there are ways you can sell your house fast during a divorce. Here are some tips for selling your house quickly.
Get Untangled
Before listing your house on the market, both sides of the divorce need to review all of the house’s financial issues. If you bought the house with a joint mortgage, one person can’t be making decisions without consulting the other. Both need to be clear about the value of the house, upgrades that we made and paid for, or anything else.
Know Your House’s Value
If you’re going to sell a house fast, you need to be clear about its value on the market. This can be done by a real estate agent or an appraisal from a property appraiser. It is important to consider the house’s condition, the square footage, and the location.
Divorce Lien
If one spouse seems to be taking care of everything and the other wants to remove themselves from the process, get a divorce lien. This allows one person to keep control of the decisions related to the house while the other person gets a deed of trust that ensures they’ll be given an agreed-upon share of the profit.
Discuss The Small Details
There are so many small things to consider that need to be discussed before selling the house. For example, who is going to maintain the house, who is going to own the furniture, if you’re going to make repairs, if one of you or both will be involved in negotiations, etc.
Sell The House As-Is
Selling a house during divorce truly is easier said than done, especially if your divorce turns bitter and no longer on speaking terms. There may be a desire to sell the house quickly, so you don’t have to discuss anything and just move on. If you’re selling a house while getting divorced and want to do it fast, consider selling the house as-is to a cash buyer.
We Buy Your House
Selling a property during divorce can be daunting; there are a lot of things to review and discuss. If you’re selling a property during a divorce, selling to a home buying company like Opening Doors Properties is a good option. We’ll assess the property and make you a fair cash offer. If you accept, you get to walk away with cash within a week. Our simple process can make selling a house while getting divorced quick and hassle-free.
If you’re selling a property during divorce in Charlotte, NC, and want to do it as fast as possible, contact Opening Doors Properties. We can help you have at least one part of the divorce process done without the stress and the hassle, this way, and you can focus on more important things.