Some instances in life hit you harder than anything else. Not only are their emotional implications, but also legal and life-changing implications to a decision.
Such is the circumstance when going through a divorce and when selling your house during a divorce.
Even if you saw it coming, there are details that didn’t cross your mind until you had to start dealing with them such as the home you were living in together.
Not an easy thing to deal with. There’s a lot of gray areas that could solidify your decision either way.
Here’s what you need to know and consider when selling your house during a divorce.
1. Take Your Time
Depending on the situation of your divorce and whether or not you and your ex are on speaking terms, you may want to move out of the house as quickly as possible.
You both are just looking to move on from that phase of life and on to the next phase. That’s completely understandable.
However, there’s more to be considered than just how you’re feeling at the moment. Letting your current emotions (which will be complicated) get the best of you may not pan out for your long term well-being.
If both of you move out, then you’re more than likely going to take all of your belongings with you as you go. Thus leaving behind a barren home.
Considering that you’ll want to sell the home, a house without furniture or decorations in the home is a major turn off to interested buyers.
Leave the emotions at the door (no pun intended) and discuss with your ex which one of you should live in the house for the time being. It will pay off in a major way once the home is sold.
2. Can You Keep the House?
Perhaps you’re leaning towards the option of keeping the home. You have no interest in selling it.
If so, you need to know the crucial steps to take with your ex. They have as many rights to the home as you do.
You’ll need to start the buyout process in which you (you guessed it!) buy out the rest of the ownership on the house from your ex-spouse.
To do that, you both need to come to an agreement on things like the buyout amount, when that will happen, mortgage loan details, etc. Do some research on all of these factors and lay them out for your ex to reach a decision on how to proceed.
3. Work out the Details Together
If you and your ex have both decided it’s best to sell the home, then view that as a major win. You both reached a decision together.
Now there are other major decisions you both should make in order for as amicable of a house sale as possible.
What will the price be? How will you sell your home? Who will be the main communicator among the selling process that you decide on? Who’s overseeing a majority of the selling process?
Don’t let pride stand in the way of making the best decision for your current home.
If your ex is better at overseeing processes such as this, let them take the reigns on it. You’ll receive a higher return if the process is done right.
4. How Will the Profit Be Divided?
Once you’ve decided how you’ll go about selling your home during divorce, it’s just as important to look ahead to other factors.
One of the most important factors, and possibly the one that matters most, is how the profits will be split once the sale is finalized.
Different states handle this situation in different ways. The state of Colorado is not a community property state, it’s an equitable distribution state.
That means that the marital property will be distributed by the court. That does not mean that the division will be equal, it will be what the court considers to be fair.
Because of that, your situation might have already been decided for you.
If so, be sure to make all decisions on the home based on the divisions given by the court so as not to complicate matters further.
5. Don’t Let Your Emotions Blind You
This decision for whether to stay in your home or sell your home is first and foremost a business decision. The result will have a major impact on the new life you’re attempting to start for yourself.
Because of that, it’s important to remember to never let your emotions get the best of you during this time.
Don’t get it twisted, emotions will be high throughout this entire process. You and your ex are only human. It’s completely natural. Just don’t let it interfere with your involvement in the decision.
This isn’t the time to try and get back at them. View it as the final stage of closing this chapter of your life.
Try to be as amicable as possible, lay out all of your options, and communicate what option(s) you feel are best and why.
Know All Your Options of Selling Your House During a Divorce
Selling your house during a divorce may very well be the most difficult aspect of the entire process.
However, it’s a necessary part of moving on with your life and getting both you and your ex into the best position moving forward.
Be sure to read this article on how to sell your home faster so that you can both move on quicker.
For more inquiries, please feel free to reach out to us via our contact us page and we’ll be delighted to assist you further.