If you know how to sell your home in divorce, you can lessen some of the strain that accompanies most divorces. Divorce can be emotionally, physically and financially stressful and the family home is usually a big part of what can be a complicated process.
Many times having a divorce property settlement agreement can relieve some of the stress but if you know how to sell your home in divorce before, during and after the divorce petition is filed, you can cut through unnecessary and untimely delays and have your equity working on your behalf almost immediately.
The Standard Family Restraining Orders
If you sell your home after the divorce petition is filed, the process becomes more complicated because the transaction will fall under the Standard Family Law Restraining Order. Under these restraining orders, the sale of the home in divorce is prohibited unless a written agreement or a court order is in place. This can mean costly time delays.
If you are like most Americans, your home is a sizable and valuable asset. Every divorce is unique but if both parties agree they want to sell the home and split the equity, it is often better to complete the sale prior to filing the divorce petition. Selling your home before divorce eliminates a few of the couple’s biggest challenges, the mortgage, homeowner’s insurance and property tax obligations.
If the mortgage payment, property taxes and other home related expenses pose a financial problem, why not sell your home before you file your divorce petition? This allows the couple to receive their equity and pay off all household expenses so they can divide the remainder in a separate agreement that might be more practical than a court order or waiting for a court order.
Understanding your Home Liabilities in Divorce
If the spouses agree that neither party will reside in the home in divorce, the home essentially becomes a non-performing asset. If the couple takes the emotion out of the equation, the sooner you cut your losses, the better your chances at arriving at the best and fastest possible sale.
In order to sell your home in divorce most effectively, begin by discussing your options. Will one party stay? Who will pay the mortgage, taxes and other household expenses until the divorce is finalized and the sale completed. If you look at the home and related costs analytically, the chances are good you will come to the best decision, which is very often to sell before the divorce petition is filed and as quickly as possible.
When the decision to sell is made, start planning how it will be sold. Will you use an agent? Will you invest in the home to get top dollar? What will an agent cost? Even if you know how to sell your home in divorce, the process can be complicated… and expensive, exactly what you probably do not want at this time.
Questions divorcing couples need to discuss:
- What will happen to proceeds from sale?
- Will a distribution be made in whole or in part?
- Will the sale by described in the stipulation?
- Will you agree to sell prior to filing the divorce petition?
- Does either party have a reimbursement claim?
- Do both parties agree to leave the home?
- When will the home be ready for a new owner?
- How will the mortgage and other expenses be paid?
Another Way to Sell Your Home Before Divorce
If the parties agree it makes sense to sell before the divorce petition is filed, there is a way to conclude a fast sale and distribute the proceeds before the court steps in. This would allow the couple to have funds to set up new residences while the divorce proceeding progresses.
If you have questions about how to sell your home in divorce, one of your first connections should be SellYourHomeFastOnline.com. This company pays cash and buys homes in “as is” condition, without contingencies. When you figure all the expenses and costs related to traditional home sales, the chances are good that the best offer you will get is from SellYourHomeFastOnline.com.