It’s no secret that divorce is stressful. In fact, according to the Holmes-Rahe Stress Inventory, the only life event more stressful than a divorce is the death of a loved one.
Divorce is complicated for everyone, but it’s even more complicated when you’re a homeowner.
Who gets the house in a divorce? When do you need to sell the house? How do you sell it as quickly as possible?
If you’ve been asking yourself any of these questions lately, keep reading for all the answers you need.
Who Gets the House in a Divorce?
Unless you’re planning to go the Jenna Fisher/Oliver Hudson route, chances are that, when you get divorced, one partner will continue living in the house you bought together while the other will move out.
How do you decide who moves and who stays, though?
There are a lot of factors involved when it comes to deciding which partner gets to stay in the house after a divorce. The laws vary depending on the state in which you live and whether your house is joint property.
Community Property Vs. Equitable Distribution
States follow two different types of laws when it comes to property ownership and asset division.
In community property states, you and your ex split divorce assets in half. If you live in such a state, each of you will be entitled to half of the equity in the home.
Community property states include Idaho, Louisiana, Arizona, California, Washington, Nevada, New Mexico, and Texas.
If you live in an equitable distribution state, a judge divides your property equitably. It’s important to note that “equitably” does not necessarily mean “equally.”
All other states besides those listed above are equitable distribution states.
When determining who gets the house, a judge will take several additional factors into consideration, including the following:
- The date you acquired the house (did you acquire it before you were married?)
- Whether or not you have custody of your minor children
- Each partner’s financial circumstance
- Each partner’s contributions to the home
- The age and physical and mental health of each spouse
- Either spouse’s marital misconduct
- Each spouse’s job skills and employability
- The value of the home
Of course, you and your partner can also try to come to your own agreement and divide up your assets yourself. This is often easier said than done, though, especially if your divorce is, let’s say, less-than-amicable.
When Should You Sell the House?
When you first decide to get a divorce, it’s normal to assume that either you or your partner will continue living in your house with your children.
This isn’t always the best financial move, though. You might not be able to afford the upkeep without your partner’s income, even if they are paying child support. Sometimes, the best approach is to sell the house and try to downsize.
It’s normal to be hesitant to sell your home, even if you know deep down that you can’t afford it. This is especially true when you have children and want them to experience as much stability as possible.
Reasons to Sell Your House
It’s true that selling your house can be hard. But, there are also benefits to selling it when you’re going through a divorce, though.
For example, when you sell your house, you get to start over new in a place that doesn’t have any unpleasant memories attached to it.
You also get to bypass all the stress and frustration that comes with figuring out which one of you deserves the house.
Selling the house also provides you and your partner (because, yes, you’re most likely going to have to share the proceeds with them) with the extra money you’ll need to finance the divorce and get your own separate places.
How to Sell Your House Quickly
Okay, you’re convinced that selling your house is a good idea. How do you sell it quickly, though?
With the stress of a divorce on your plate, you definitely don’t need the added pressure of a house that sits on the market for months at a time. The good news, though, is that you don’t have to sell your house the traditional way.
If you want to sell your home quickly, a cash sale is most likely going to be your best option.
Why Sell Your House for Cash?
When you sell your house for cash, you sell it directly to a real estate company. There are lots of companies out there that purchase homes as-is and don’t require you to make any renovations or changes.
Selling your house for cash also allows you to get money faster. If you’re financially stressed — which isn’t uncommon when you’re going through a divorce — this can be a lifesaver.
There are lots of other reasons to consider selling your house for cash, including the following:
- Increased convenience
- Decreased risk of the sale falling through
- You and your partner get all the money from the sale (no need to pay commissions to realtors or cover closing costs)
If you’ve been on the fence about selling your house for cash, be sure to keep these benefits in mind.
When you work with a reputable cash buyer, this is one of the best decisions you can make when you need to sell your home quickly.
Sell Your House Today
Divorce is never easy, and it gets even more challenging when you’re a homeowner.
It can be hard to decide who gets the house in a divorce, and it can be even harder to have to sell the house altogether.
Sometimes, though, selling your house can be the best option. It provides you with more money, and it gives you an opportunity for a fresh start.
If you’ve decided that selling your house is the best option and you want to sell it as quickly as you can, contact us today.
We buy houses as-is on the date that you choose. You’ll have cash in hand right away and will be able to move on without the extra baggage of a house.
