Going through a divorce is a painful process that requires you to keep in mind many legal aspects. This includes how any properties owned will be divided among the former spouses, including the house where you used to live together. If you are trying to decide whether to sell the house before or after divorce, you will find information detailing the pros and cons of making this decision next.
Why You Should Think About Selling?
While certain things will be easily divided between you and your former spouse, you can’t split the house in two. Therefore, selling your house for cash as soon as possible, is a good solution to this problem. That way, you can split the total amount of the sale and divide it equally. Furthermore, you both will be able to have a little something with which you can restart your lives and create new memories in a new home.
How Selling Affects the Divorce Process
Despite the benefits of selling the house, you should know that it might interfere with the divorce process. This is because depending on the market and the state of your home, it might take a while to sell the house. In addition, it will be one more thing for the attorneys to consider, making the entire process a little bit more complicated. That said, with the right preparation, you might just be able to make this process as efficient as possible.
Preparing to Sell House During Divorce
Getting ready to sell your old home is not an easy step to take. However, it’s a necessary one as you will want to make sure you can go through this process as fast as possible. Here are some things you should keep in mind when preparing to sell:
- Do you need to make any repairs to the house?
- Which of the spouses will take responsibility for showing the house to potential buyers?
- Are you truly ready to sell or is there the possibility of one of you keeping the house?
These are things you should discuss and decide upon before you even start showing the house.
Timing Considerations When Selling House Before Divorce
If you are selling the house before it, you should start the process as soon as possible. This is done to avoid any delays in the divorce process. Furthermore, you will give yourselves time to assess the buyers and get the best possible offer. Instead, if you feel like you are running out of time, you might end up underselling your soon-to-be former home.
Pros and Cons of Selling Before the Divorce
Choosing to sell the house before can be a good way to make things easier for everyone; however, it will require cooperation between you and your soon-to-be former spouse, which might be challenging.
- You will get to split the money easily after the house is sold, without worrying about negotiations for equivalent exchange.
- You will be ready to move on and create new memories in a new place faster.
- You and your former spouse won’t have to deal with pesky property issues after you have signed the papers.
- Feelings might be too raw to be rational and fair when it comes to the process of selling the house.
- The process might prolong the divorce, leading to more stress and expenses, especially if lawyers are involved.
- You will have the added stress of finding a new place together with the stress of the divorce itself.
Pros and Cons of Selling After the Divorce
Despite what was previously exposed, there might be some cases in which waiting for after the it is the best option.
- The value of your house might increase if you wait a few more months or even a year before selling.
- Communication between you and your ex might be better once some time has passed, making it easier to be objective about the sale of the house.
- One of you might be able to stay at the house while finding a new place to live, which is more comfortable.
- Keeping the house involves continued talks about mortgage management and house maintenance.
- Dividing the money from the sale can be more difficult and bring more stress to your life.
- You might have to pay additional taxes and capital gain tax if you delay the process of selling your house
Dividing the Money of the Sale
Something to keep in mind is that different states have different regulations and laws when it comes to property division during or after a divorce. This is something you should learn before you decide to sell the house. In addition, items such as a prenup, inheritance law, and other considerations might make your case a unique one. This is why you must get advice from legal experts when it comes to these details. At the end of the day, when you sell your house is a decision you and your spouse will have to take together if you decide to sell it at all. You always have the option of reaching an agreement, especially if you share kids. On the other hand, the level of amicability between you and your spouse will also influence your decision. If it’s an ugly break, then it might be best to sell the house as soon as possible and decrease the chances of any further confrontations. However, if it’s an amicable break, then you might benefit from waiting a bit longer, dealing with any maintenance and selling issues without too much drama.
If you’re considering selling your home due to a divorce, a cash offer can provide a solution. If you’re ready to explore the advantages of a cash sale, contact our team at St. Louis Realty Advisors by giving us a call at 314-270-1601.