How to Divide My House During Divorce
There are very few events in this life that are more trying and harsh than a divorce. Truth be told, even the most amicable divorces can be filled with a great deal of pain and suffering. Additionally, couples continue to be connected by non-emotional issues that arise long after their divorce has been completed. One of the most difficult issues they have to face is what to do with a family home that has been purchased during marriage. In this article we will go over the available options for dealing with your house during divorce.
In most of the cases, it is almost impossible for only one partner to maintain the property on his or her own. What has not long ago been a symbol of unity and beautiful union has now become a financial burden. If you are here after a divorce and you are struggling to discover what to do with your property, you should know that we totally understand you and that we are trying to help. In this article we discuss some of the options you actually have with your house or property after a divorce.
What Can I Do With My House During Divorce?
The options available for your house when you are divorcing depend largely on how you and your spouse decide to tackle the divorce process. It is in your best interest to reach a mutual decision before appealing to the court. This applies to all the assets you acquired together, including but not limited to houses, apartments, properties, vehicles and appliances.
The following are the main options you have when determining what to do with your house after a divorce.
1. Co-Own the Home
Couples who own children will more than often choose this option, especially if they want to provide a good growing environment for them. A post-divorce co-ownership depends on several factors in order to be successful. Here are three of them:
- Both of them agree that the mortgage of the home will appear on both spouses’ credit reports. In case a part fails to pay for the house and it goes into foreclosure, both credit reports will be affected simultaneously.
- Both parts need to understand that they are leaving the old marital relationship and are entering into a new business relationship, so all agreements should be written on paper and signed by attorneys or legalized.
- Each part will accept that their own financial futures will mingle and converge when it comes to paying the mortgage and owning the home.
2. One Spouse can Purchase The Other’s Share
In other words, one spouse can buy out the other. The partner who wants to keep the house for various reasons can purchase the others’ share. In most of the cases, this involves getting a new mortgage, which adds a new element of risk to the whole process.
Renting the house is another valid option people who have just passed through a divorce have. You and your spouse can rent the house until you find a buyer, or you can rent it indefinitely. After the mortgage is completely paid, you can keep renting the house and get an equal amount of money.
This is probably the optimal solution you have in most circumstances.
When can I start Selling my house during divorce?
Selling your house will only be possible after the divorce. During the divorce, the court issues a restraining order that prohibits any of the spouses from transferring property rights or selling them. All the property owned by either of you is part of the divorce proceedings.
What is the Best way to Sell my House Fast?
Many couples have the misconception that selling their homes on their own will be easy. Unfortunately, all the fuss of dealing with inspectors and preparing the home for sale, not to mention posting ads and adding pictures on various sites, can wear you off.
The single best method to sell your house fast and enjoy a cash offer is to contact a professional company that sells homes fast. A cash investor can buy your house ASAP and rid you of all the stress of preparing your house for selling.
What if I want to Keep my Home?
Most homeowners want to keep their house solely for sentimental reasons. However, there are some people who do not want to go through the hassle of moving to a new home or relocating to a new city. Whatever the reason for staying in your home or for keeping it, you need to seriously think of how it might affect your future.
Owning a home comes with plenty of risks. In addition to taking out a new mortgage, you might need to pay expensive property taxes, repairs, maintenance, and the list goes on. The risk of foreclosure or bankruptcy is big. When faced with emotional circumstances, selling your home might be quite a difficult task. However, it is in your interest to take the best decision. The real estate professionals from 800 976 Sold are always eager to help you with proper advice and extra information.
We Buy Houses From Divorcing Couples
1-800-976-SOLD is a highly experienced real estate company that buys houses and properties and re-sells them to potential clients. We have helped hundreds of couples going through a divorce to sell their house fast and we’ve given them the peace of mind that their property is in good hands.
You can now too capitalize on our top-notch services that cater to your needs. In addition to saving precious time, you don’t have to deal with all the hassles of selling your house or posting ads on the Internet. We will do all of these in your place while you get paid in cash for your property. We can make you an offer you can’t refuse.
You can now walk away with your cash within days and never look back, all without having to:
- Make expensive repairs or hire a company to clean your home.
- Live with the fear of having your house unsold for an indefinite period of time.
- Pay closing costs, real estate commissions, escrow fees, transfer taxes and title fees.
- Contact us today at (800) 976 SOLD and go on with your life, learning how to enjoy life once again.