Selling Your House Due to Divorce
Can I Sell my House Before Getting Divorced?
You have two choices for the family home: sell it or stay in it.
One of the most difficult aspects of a divorce is dividing assets, and selling your home can be the most difficult of all.
The simple act of determining who wants to stay in the house can sometimes exacerbate the problem. Yet, if your partner is willing to cooperate, the process does not have to be as difficult.
Most arrangements are made in court documents when they are filed, so make sure your decision is noted. If you and your partner decide to sell the house, the decision will be made in court.
If you decide to sell your house and split the profits, you have several options.
But, there are costs to consider when selling a home, which can add to the stress of the divorce.
You can sell it on the market, at auction, or to a quick house-buying company for a lower price.
What happens to the house is up to you and your spouse. It will be for the best, if you can be courteous during the divorce proceedings. This will make the whole thing go much more smoothly.
If you decide that selling is the best option, you should have this documented in court documents and prepare yourself and the house for sale.
Keep in mind these things as you move forward with your divorce.
How is Property Divided During a Divorce?
A third of all divorce cases result in the sale of the house, with each party receiving an equal share of the profits.
Your home will be referred to as the “former matrimonial home” in legal divorce proceedings.
You have the option of remaining in your home and taking ownership of it as well as the mortgage payments.
You can also purchase your partner’s share of the house and force them to leave.
There is also the option of selling it with a profit split.
However, if neither of you can agree on terms for the house, it will go to court. This may result in neither you nor your partner being satisfied with the outcome. If you can be respectful and agree on what to do with the property, it can help make the divorce process a little easier.
In a Divorce with Children, Who Gets the House?
In some cases, ownership is granted based on the presence of children in the family.
If you and your spouse can amicably agree to continue living in the house with your children, you may be able to avoid a court battle over the house.
What Procedures Must I Follow When Selling a House During Divorce?
First, you should consult with a Realtor to determine whether selling on the market is the best option for you.
Then, prepare your home for inspection.
When you know how much your home is worth, you can start preparing for showings.
Make sure that any debts owed against the home have been paid in full and that the title is in a secure location.
Following that, it’s a good idea to make any minor repairs and consider repainting any ‘tired’ rooms to make the property more appealing to potential buyers.
A sale will often take longer to complete if the property is in poor condition.
Be aware that selling your home may take some time. If you choose to sell your home at auction, the process will be sped up, but you are less likely to receive the full asking price.
On the plus side, once the starting bid is set in an auction, you’ll know the bare minimum you’ll receive.
You can also use a fast cash buyer, which may be able to get you cash in a matter of days.
It is up to you to choose the best method for selling your home, but these are some suggestions to get you started, so you know what you’re up against ahead of time.
What Are My Options If I Have a Joint Mortgage?
If you have a joint mortgage, one option is to buy your partner out.
You’d be free of any ties to them, and you’d be able to start over in a property that is now solely yours.
Another option is to divide the cost between the two of you. Be wary of this option because your partner may stop making payments, leaving you to pay the entire mortgage on your own.
You can also ask your partner to let you stay in the house and make all of the payments yourself if this is financially feasible for you.
If you want to own the house outright, you must have your ex’s name removed from the mortgage and title. Call your lender right away so that you can get this started.
Make it clear in your court documents that you want the house and can afford the mortgage payments on your own.
Hopefully, the court will award you the home and you will be able to have your ex removed from the title and mortgage.
If the court orders you to sell your home, you should begin preparing it for sale.
Understanding Your Property Rights Following Divorce
The advantage of getting married is that you are entitled to a share of the property in the event of a divorce or separation. Marriage gives both parties the right to certain assets, and many couples accumulate several joint assets throughout their relationship. The key point to remember about the property is that both parties do not have to legally own the home in order to have a legal right to it after separation. If your spouse’s name is on the mortgage and you only contribute to the bills, you may still have rights to your share.
You can register your matrimonial home rights with the Land Registry in this case. This safeguards your financial interest in the home, ensuring that it cannot be sold, transferred, or mortgaged without your knowledge.
In addition, the Family Law Act of 1996 grants the following home rights:
- The right to remain in your home unless a court order prohibits it.
- The right to petition the court for permission to return home (if you have moved out).
- The right to be informed of any repossession action initiated by your mortgage lender.
- The right to participate in any mortgage repossession proceedings initiated by your lender.
- The right to pay the mortgage if the other party fails to do so.
These home rights will apply until the divorce is finalized.
Is the length of the marriage important in determining the divorce settlement?
A long-term marriage is one where the couple has been together for more than 15 years. A short-term marriage lasts between 1 and 5 years. If you and your spouse lived together before marriage, the court may consider this as well in awarding division of property..
How Can I Sell My House Quickly and Get a Fresh Start?
There are several options for quickly selling a house after a divorce.
You can sell your house at auction. That way, you can sell your house quickly and have a fixed price that can only rise through the auction.
Another option for selling your home quickly is to sell it to a cash home buyer.
They will buy your house quickly and easily – quicker than putting it on the market or holding a property sale. You can even sell before divorce proceedings begin, leaving you with one less asset to divide.
Not only that, but you will receive your money within days.