Will you need to sell your house quickly for cash in a divorce?
There are few things in life that are more complicated and trying than going through a divorce. Also the most friendly divorces can be packed with headaches and struggles. Most couples continue to be involved in issues arising from their divorce long after their matrimonial bonds have been broken, particularly those couples who bought property during their marriage.
One of the most controversial problems resulting from divorce is what to do with the family home? In certain instances, it is difficult or impossible for a single spouse to hold his or her own house. In other situations, the couple may opt to sell the home and share the proceeds, but they may find themselves bogged down trying to find the right buyer. What was once a sign of a beautiful union can become a lingering – and financially burdensome – reminder of troubled times.
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The choices open to you rely primarily on how you and your partner manage your divorce. In almost any case, it is in the best interests of a couple to negotiate a settlement on the division of property before it becomes a matter for the courts. This is especially true of houses and other forms of real estate, since they are typically among the most valuable assets of a couple. When a judge decides on the division of land, you and your former spouse will have much less power over what will become of your estate.
In general, there are three specific choices for divorced couples in relation to their homes:
Some people choose to retain their homes for sentimental purposes, while others just don't want to go through the hassle of having to travel about. Whatever justification you may have to want to keep your house, be sure to weigh it as critically as possible against the impact it will have on your financial future.
Could you afford to stay at home? Is holding your home worth the risk of taking out a new mortgage? Have you noticed any other expenses associated with home ownership, including property taxes, maintenance and repairs? The last thing you want to do is fight to maintain your house so that it ends up in foreclosure or pushes you into bankruptcy.
Understandably, it can be difficult to be rational in the face of such sensitive emotional circumstances. That's why it's probably in your best interest to consult seasoned real estate and financial experts, such as the Sell My San Diego House team, before you commit to fighting to keep your house.
No. After you file for divorce, you and your spouse are bound by a temporary restraining order imposed by the courts that forbids any of you from moving property or other properties. Until the divorce is complete, you will have to obtain permission from the court to make some such transaction.
It is necessary to remember that all property belonging to you and your partner, whether jointly or separately, is part of the divorce proceedings. The fact that the name of your spouse does not appear in the act does not make the property exempt from the proceedings.
The response to this question depends on several factors, but it ultimately comes down to how long you are willing – and able to afford – to keep ownership of your house. It all depends on how ready you are to deal with the difficulties and headaches that come with selling your house. After a divorce, you do not feel like preparing your house to be seen by prospective buyers, dealing with inspectors and appraisers, and getting people trapping in your home while you want to get on with your life. It could be the case that short selling is the best choice for you in this situation.
Many couples assume that if they go through the Realtor, they will be able to sell their home at market value and step on from the contract – and from each other – with greater financial protection. Unfortunately, a decent percentage of these couples end up in poorer financial condition. Sometimes, their homes remain unsold for months, or even years, as they continue to pay mortgages on a home in which one or both of them no longer live. In certain cases, they end up selling their homes well below market value, and on top of that, they have to pay closing costs, billing fees, commissions to their real estate agents, and other expensive expenses.
On the other hand, if you're not in a rush to get rid of your home, you have a great chance of selling it at or near its market value if you're going through conventional channels. There is also the hope that you will miss such common snags as the offers that have been made at the last moment, and will sell reasonably quickly. If you plan to sell your house using conventional approaches, you'd be well advised to hope for the best, but be well prepared for the worst-case scenario. Given the erratic state of the current housing market, it is important that you consider the risk that you are taking.