Selling a House during a Divorce: What Are Your Options?

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April 21st, 2021
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Divorce is a very difficult situation to face in life. For many reasons, divorce is an unbelievably stressful time, filled with intense new emotions that may range from uncertainty, sadness, feeling overwhelmed, guilt, and more. Regardless of how you feel or whatever your circumstances, it’s important to remind yourself that the feelings and circumstances are temporary and take the challenges one day at a time. Remind yourself that “all things must pass,” a simple yet eloquent line often attributed to former Beatle George Harrison (it was the name of his third solo album) who was simply saying that every situation eventually ends.

 

Since the family home can be one of the biggest and key assets in a divorce, having it caught up in a divorce proceeding can make things even more complicated. In addition to a family home’s financial importance, people often have deep emotional attachments to them as well. These emotional attachments might make it challenging for you to let go of the family home or to assign it a value during a divorce. Handling your property properly in a divorce will help you and your spouse go your separate ways correctly, especially in the financial sense.

 

Before you take on the overwhelming task of selling your family home, make sure that you’ve considered all your options. Although it may feel like it now, divorce is not the only option. If you have even the slightest doubt about parting ways with your spouse, don’t split your assets and call it quits until you’re sure this is the path you want to take. But if you are sure divorce is the right path and it’s time to sell your family home, working with a real estate investor to save time and money and to relieve some of your stress could be a good option for you. Read on to learn more about steps to take prior to divorce as well as if working with a real estate investor is right for you.

 

What to Do about the House

 

Splitting assets is an unpleasant reality of divorce. A common point of contention during a divorce is deciding who gets the house or, alternatively, who gets what share of the equity. In certain situations, one spouse will buy out the other, but sometimes this isn’t an option. If it gets to a point where the parties agree in mediation to sell the home, or if the court orders the home to be sold, an alternative to selling through a traditional real agent is to sell directly through an investor. Selling through a traditional agent requires both parties to agree on the listing agent, which can be a challenge. Then there are all the repairs, cleanings, and showings involved, which may present unexpected challenges if the divorce is not amicable. The good news is there is a simple, straightforward way to move on faster, without all the hassles and stress.

 

Real estate investors can buy your home “as is.” This means you won’t have to worry about shelling out cash to renovate parts of your home that may need attention or taking the time to deep clean and stage your home for open houses. This is always helpful in a divorce situation because those funds and extra time are generally needed for other purposes as the parties in the divorce are establishing separate households. Besides avoiding the time and money needed for repairs, cleaning, and showings and the need to choose an agent, selling to an investor allows for a closing often in as little as a few weeks or less.

 

Working with a real estate investor during your divorce simplifies the process of selling your home. All you and your spouse need to do is accept an offer and the transaction can be completed in as little as a week or within a time period that works best for your situation.

In the event this seems like a solution you want to explore, a great first step is to look at the website of your local Better Business Bureau (BBB.org) for reputable real estate investors.

 

While divorce can make selling a house more painful than usual, there are professionals on your side such as a lawyer or mediator, a financial planner, a tax professional, and if desired, a reputable investor. Focus on the sale as a vital part of starting a new chapter in your life, not as a symbol of your past, and sidestep rash decisions and impulses that could impact your financial future.

 

No matter what direction you choose, it is very important that you follow the divorce process and abide by family court rules and orders. Depending on your state and situation, this may require the help of a family law attorney. If you feel you need an attorney, get a referral from friends who may have been in the same or a similar situation and, of course, do your homework online by looking at reviews. Once you meet the attorney, be sure to ask about their legal fees, hourly rate, and understand their approach to determine if he or she is a fit for you.

 

Before You Get a Divorce

 

Hiring a therapist or seeing a family counsellor can be an option that helps you and your spouse work through issues that are making you feel like you need to separate. Maybe it’s not just you and your spouse involved in a potential divorce. Are there kids involved? If you have pets, who are they going to live with, and will everyone be happy with this arrangement?

 

The goal of couples therapy and relationship counselling is to understand your personality differences, foster a healthy dialogue around the issues you are facing, and figure out where the two of you might have disconnects. According to the American Psychological Association, couples therapy has a 75 percent success rate, so it is certainly worth a try.

 

If you’ve already tried counselling and are still adamant that you need to be apart from your partner, have you tried separation first? Under a legal separation, you will live apart from your spouse, but your marriage will still be valid. This gives you a chance to see what divorce would be like both emotionally and financially. You may find “absence makes the heart grow fonder” and that, at the end of the separation period, you both are more willing to communicate and potentially work through any struggles you’ve been facing.

 

However, reconciliation isn’t always possible, and that’s okay! If you’ve tried everything to revive the marriage to no avail and divorce is what’s best for both of you, then it’s time to start planning for divorce and deciding what to do with the family home.

 

How Homestead Road Can Help

 

Here at Homestead Road, we help people in all kinds of situations looking to sell their home as-is, quickly and hassle free. We are here to listen to your story and work with you to eliminate the stress of selling your home.

 

Our team of caring, knowledgeable, and trustworthy staff work hard to provide tailored service focused on you and your unique needs. Our signature Feel the Joy experience means we take immense pride in going the extra mile for all our customers. In fact, we are rated A+ with the Better Business Bureau and have received numerous five-star ratings from satisfied customers in all our service areas.

 

If you and your spouse have agreed that neither of you wants the house, you both want fresh starts, and you want the process of getting there to be simple and stress free, call us when you are ready at 612-230-2114 and check out our website, HomesteadRoad.com, to find any information you might need. We are here to help when you need us and look forward to making your home-selling process an easier one, whatever situation you are in.

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