How to Sell Your House During Divorce in CO Springs

Divorce is stressful and stirs up emotions, even when both parties agree it’s the right thing to do. Once you and your spouse decide that divorce is the next step, all of your assets, also known as marital property, must be divided, including the equity in your home. 

Let’s first review a few key legal terms that will impact you based on the state you live in and any prior agreements in place with your spouse. Let me also say that I am not a lawyer, but I’ve helped couples going through a divorce with their homes and decisions to consider.

Marital Property Definition

Marital property, according to Investopedia, is a U.S. state-level legal term for property acquired during a marriage.

• An individual’s property before a marriage is considered separate property, as are inheritances or third-party gifts given to an individual during a marriage.
• A prenuptial or a postnuptial agreement can exclude property from marital property

Community Property States vs. Common Law Property States

Where you live matters when it comes to divorce law. A couple’s permanent legal residence determines which laws govern the marital property and provides guidance for how it will be divided during divorce.

What’s a Community Property State?

There are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Alaska is an opt-in state which lets you declare your assets community property before or during your marriage by filing with the state.

I think of the community property states as 50/50 states. Almost everything you acquire during your marriage is owned 50/50 by each spouse. That includes your income and assets, as well as your debt. So you share in the pluses and the minuses when dividing your property.

If you owned property before the marriage, that could be an exception. I always refer people to their attorney for the final say.

• Here Investopedia notes, “If you owned your home before you were married and your spouse’s name was never added to the title, you retain separate ownership (although your spouse may be entitled to half of the appreciation of the house during the time of the marriage — this can be complicated, so always check with an attorney).”
  

  What’s a Common Law State?

Colorado is one of the other 40 states where assets are distributed fairly, but that may not mean 50/50 or equally. In an equitable distribution state, a judge can consider income, financial contributions, earning potential, and many other elements to determine how assets and debt will be allocated. If you’re in debt, there are several ways to sell your house due to financial distress.

Fast House Sale For Cash Without Hassle

There are many things to negotiate when going through a divorce, and tensions can run high. There’s the splitting of the physical assets, including deciding who gets furniture, rugs, artwork, or anything else you own that you can ‘see.’ When children are involved, determining child custody, mom’s house, dad’s house, pickup times, vacations, holidays and more, is simply overwhelming.

If neither spouse wishes to buy the other spouse out, and you don’t want to do the 10 Things to Do Before Selling Your House, contacting an investor like Bonnie Buys Houses Fast is a great, no-hassle option for divorcing couples who want to sell their home for cash fast.

With over 28 years of combined experience, we provide a fair market value price for your home. We don’t require you to do any work or renovation, so we can go from start to close in days, not months. That means if you have debt that needs to be paid off, we’re here to help, and you and your spouse can move on to your next chapter.

We often work with our clients to help them find a new home if needed. We understand divorce is complex and can be flexible and work with you on a closing date and move-out date that fits your needs. We make selling your house hassle-free and one less thing to stress about. 

Get a Free Quote – All Inquiries Confidential

Contact us by completing our short form or call us for an immediate response at 719-659-9979. All inquiries are confidential, and there’s no obligation for you to sell. We’ve been buying and selling homes in El Paso County, Colorado Springs, Colorado for many years. Without a doubt, we can help you by buying your home, or if it’s not a good fit, we’re happy to share our knowledge. Just check out our many positive testimonials from previous home sellers. 

The road to divorce is rarely quick and can be a rollercoaster of ups and downs. If selling your house fast for cash is on your to-do list, learn more about us and how we can help and contact us today for a no-obligation conversation.