The sad reality is some marriage fall apart. After years of investing in the relationship and building a family, the rapport between couples breaks down. This why divorce is among the 13 common reasons why Americans sell their home.
Dissolving the legality of your union is daunting. Similarly, dividing your properties especially your house, which is your biggest joint asset, is also exhausting.
Divide and Sell Your House in Washington DC
While there’s no exact solution to dissembling a house during a divorce, here are 4 options to help you move forward from the break up without losing your asset.
Acquire the whole property by buying out your partner. Buyout happens when one partner purchases the ownership of the joint proprietor, in this case, your ex- partner.
However, determine if buying out your partner is feasible. One advice from Natalya Price, a realtor, removing emotional attachment is necessary to come up with the best possible decision. Although, it’s easier said than done, it is a must.
Determine if you’re the one to stay or go. Then work with an appraiser to identify the fair and accurate value of your home. If you think that the amount isn’t fair enough, work with another appraiser to assess its value.
Be careful in the process. Property buyout needs cooperation between homeowners. Make sure that both of you are willing to sell shares. If one refuses, you can petition to force the buyout, but it will cost you hundreds of bucks again.
Some couples tend to stay under the same roof even after divorce. Similar to one of “Brady Bunch’s” episodes, they literally divide the house to equally benefit on the property.
This usually happens when homeowners can’t sell their property due to over pricing and other reasons and cannot afford to transfer elsewhere.
However, living under the same roof after the separation can complicate the situation. This may cause misunderstanding and restlessness between partners.
Most homeowners opt to sell their house after the divorce. This is a better option than the above scenarios.
Even your attorney, financial adviser, or family members would highly recommend this than the latter. Aside from equally splitting the profit, this is the simplest way to resolve complications. Both parties get an equal share and won’t bother on any joint debts.
Selling your home has caveats and challenges. It’s necessary to sell the property at the most competitive value to get what it’s really worth.
You may also be charged with the capital gain tax by the Government. A married couple can save up to $500, 000 while an individual can exclude up to $250, 000 from the total sale.
Selling your home is a tedious process. The longer it sits in the market, the longer your agony is.
Selling your house to cash buyers is the most practical and easiest way for divorced couples. You don’t need to wait for the hot market, do repairs, and hire an appraiser as you can sell your house for cash and as-is.
Moreover, dealing with your ex on this matter, which may cause frustration to both parties, will be minimized. The process only lasts for a couple of days and can close the deal within a week so it’s convenient than the other options.
To some couples, joint ownership doesn’t last long. In this event, maintaining the co-ownership isn’t the best idea. The above ways to equally divide your house can serve a big help. However, if you want to sell your house fast, avoid complications, and start a new life, selling your house to cash buyers is what we recommend.
Sell your home to The Home Buyers. Whatever your reason is, we are happy to help and lessen the burden. We have dealt with divorced couples before and we understand that selling your home quick and easy is all you need.