Selling a house after divorce
Getting divorced is one of the most stressful things you can go through. If you have a house or other real estate, selling it will be a part of the divorce process. For most people, selling a house after divorce is an overwhelming and confusing process. Selling a house after divorce has its own unique set of concerns and problems that must be solved. For one thing, you may have to split up furniture, appliances, and other housewarming accessories, which means that you are selling off all of the things that once belonged to your ex. In many cases, divorcees choose to sell the home they shared because it’s easier to sell than to have one spouse buy the other out of their share, or simply to achieve a “fresh start” going ahead. Here’s a look at some considerations when selling a house after divorce:
If the divorce is amicable then selling a house becomes relatively easier. Both partners can decide what they want to do with the house. The terms and conditions as to who will get what should be pre determined to avoid any confusion later on. The share of both partners must be mutually decided as per their contribution in buying the house and other assets. If one partner wants to continue living in the same house, then he/she can buy out the other partners share. Depending on the state you reside in, both you and your ex-spouse may have equal access to the property you shared, no matter which of your names is on the deed. This access will remain in place until you come to a decision over who will take on full ownership of the home, or if a judge rules that it should be made the sole property of one half of the couple.
Consideration must be given if there are children involved. It must be decided with whom the kids will stay and their comforts must be kept in mind. It may work best if the parent taking care of the kids is granted ownership of the family home in order to prevent too much disruption to home lives and schooling. You may take help of a legal advisor to guide you during such times!
If the partners cannot come to a mutual decision regarding property and other assets, then they have to rely on court’s decision on the same. There are certain factors on which the court will base its decision on. These are – Contributions made by both partners to the marriage, duration of marriage, age, financial status of both partners, the needs of dependants etc. The court will fairly decide whether the house can be given to one partner or if the property has to be sold and proceeds divided accordingly. The family court order can also setup regular payments for childcare and living arrangements. Sometimes the house may be in name of one partner but the courts generally disregard this while deciding about the house after divorce.
Another point to consider during a divorce is paying the mortgages. Having your name on the contract means you are liable for the whole debt, even if it is a joint mortgage. If you set up a joint mortgage with your partner, you have both agreed to be equally liable for the debt until it is settled. You should talk to your mortgage lender and let him know about the divorce. He will guide you about options to repay the debts. Both spouses can mutually decide on the terms about debt settlement.
Selling a house after divorce can be nerve wrecking. Should you need any guidance, we at sellmyhouse can help you in selling your house and make things a bit easier! For further assistance, please contact us here.
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