Selling Divorce Property: What You Should Know
Going through a divorce is one of the most life-changing and stressful situations in life. It is even more stressful if buying and selling a home is involved. There are many things to take into consideration, including your shared home, which most couples prefer to sell. Here is some information and facts you need to know about selling a divorce property.
Who Receives the Property After Divorce?
There is no simple answer to this question, as there are many different factors that need to be taken into consideration. For example, if your home is marital property that you acquired together while you were married, the property is divided equally between the parties.
However, if one of the spouses has purchased a property, he or she may be able to keep the house, and usually, there is a prenuptial agreement that protects the property.
In general, who gets the shared house depends on each individual case.
The Process of Selling a Property During a Divorce
Just like any other process, the process of selling a home during a divorce involves certain steps.
Prepare Your Property for Sale
First, you should prepare your home for sale. For example, you can do the necessary repairs and renovations, clean the house, take photographs, and do other actions to improve the state of your home.
Hire a Real Estate Agent
If it is the first time you are selling a divorce home, it might be a good idea to hire a professional and experienced real estate agent. Realtors help create the listing for the property, get it listed on different internet sources, and provide a valuation. Working with a realtor may take time, but the chances that the house is going to be sold are higher.
It is also important to point out that you should pick a realtor carefully. Since divorce is an emotional and stressful process, you should find a real estate agent with exceptional communication skills. Moreover, he or she should have a certain level of patience because there might be many things that the realtor will have to repeat multiple times.
Deal With the Financial Aspect of the Home-Selling Process
When selling such a tricky property as a divorce home, there are many financial aspects that need to be taken into consideration. One of the most important financial questions to deal with is the capital gains tax ramifications. According to the current tax gains law, if people are married and are selling their home, they can exclude up to $500,000. However, that is the amount for those who are filing taxes jointly. If spouses decide to file taxes separately, then the capital gains exclusion is $250,000.
How to Sell a Divorce Home?
Just like with any other type of property, a divorce home can be sold in two ways. The first way is selling your home traditionally with a realtor and listings. This method is reliable, but it takes time. Usually, people want to sell their divorce homes as quickly as possible, so the traditional way of selling is not a good option.
The second method is selling your divorce property to a cash home buyer — aa buyer who purchases homes and other types of properties with cash upfront. The main benefit of this method is that it is fast. You can close the deal within two weeks.
Sell Your House Fast to Frank Buys Houses
If you are going through a divorce and are looking for a cash buyer to sell your property to as fast as possible, Frank Buys Houses is ready to assist you. We buy houses in any location, in any condition, and under any circumstances, including divorce. In addition, we do not require any repairs or renovations, and we buy properties as is. If you have any questions, or you are already ready to start the home-selling process, feel free to give us a call or visit our website.