If you are in the middle of separating from your partner, and are uncertain about how to go about handling the real estate you both own, this article will provide you with a number of suggestions.
A divorce is an emotional and challenging time. However, when going through such a challenging situation, you may wind up like other separating couples – ones who are homeowners – and struggle to get your biggest asset sold. Consider the following ideas and strategies that can help you sell property you own as efficiently and carefully as you can when splitting from your partner.
When Divorcing, Issues With Housing Can Get Complex
In the middle of a divorce, both parties will look to divide their assets down the middle. Several assets – like money – are liquid, so splitting this up is fairly straightforward. But for other types of assets – real estate included – this process is easier said than done. Dividing a home in two isn’t possible, after all. Houses are assets that are valued by their wholeness, and they tend to be built on land plots. Suffice it to say, neither partner will be able to take such an asset with them.
Because separating a property into two pieces is not an option, would it be more prudent for one of the two parties to receive it? Perhaps one spouse may be willing to stay in the property if they are able to cover its costs (which happens to be a huge expense, keeping in mind that divorcees seldom desire to cover large expenses).
How to Divide Your Biggest Asset
The most optimal approach to dividing real estate is by selling it.
The actual property may have a number of incurred expenses when the selling process took place. Unpaid bills might also be a factor, or perhaps a partial mortgage payment is outstanding on the home. As such, the separating parties would be better off selling the home. Their lawyers will apply earnings received by the equity toward any debts that are outstanding.
Debts can be divided between both parties, so the equity will also be split based on an agreed-on percentage (perhaps 50/50).
This begs an obvious question, though – how can the property be sold?
The Quickest Approach to Selling a House Amid a Divorce
When the time comes to sell a home, many people assume that they need to hire a realtor. They might not be aware of several problems that come with such a decision, including the following:
- An agent will ask owners to cover repair costs first. Which of the two spouses will cover these costs, though?
- It can take anywhere between three and six months before the property is sold (if not longer). Are either spouse willing to be that patient?
- A realtor will involve each party during the negotiation process with a buyer. There will be no shortage of documentation to be shuffled between all parties.
Needless to say, this is quite a time-consuming and expensive approach to selling, and it may actually worsen divorce proceedings.
Thankfully, there is another option – selling the place to a property buying firm like ours. Summit Development will purchase your home for cash without delay in the condition that it is in. Best of all, you don’t have to worry about paying any fees or commissions when you sell your home to us. There is no need to concern yourself with fixing the place up or even cleaning it. The transaction will be completed within days – as opposed to months – and minimal paperwork is involved.
If you are in the midst of a divorce and would prefer to have the issue resolved as fast as possible, get in touch with us. We would love to learn more about the home you need to sell. Summit Development specializes in purchasing houses from divorcing couples. Your divorce can be expedited once you sell your home to us.
To send us more information about your home, send us a message by clicking here or calling us at 509-591-9196.