One of the most difficult parts of filing for divorce in any state is the process of dividing property and assets. And among the most expensive and valuable assets is the home that both parties helped to build and create equity. It is also common in most divorce cases that the decision of what to do with this property is the most contested and heated discussions. It is for this reason that when people have filed for divorce, there are a few important things to consider when it comes to what to do with the home.
First – Do We Sell the House and Split Profits?
When you’ve filed for divorce, the court of any state will demand that an action plan be submitted as to how the property will be divided. One ‘easy’ option is to sell the house and split the profits between both parties. However, with this decision come many potential arguments including:
- What percentage does each party receive?
- Are profits to be split after taxes and which party is responsible for paying taxes?
- Where will each party live after the house sells?
As you can see, this option is a difficult one, however is very critical to ensure the divorce is handled legally in any state.
Second – Do you Purchase the House from Your Spouse?
The second thing many people who file for divorce consider is buying the house from their soon to be former spouse. This provides them with sole ownership and provides the other party with some equity to purchase another property. However, this decision is often complicated when there are children involved. And in order for this to be an alternative, the court must approve this decision to be mutually beneficial for all parties.
Third – Do you Maintain Joint Ownership?
This option; believe it or not is often the most realistic financially speaking. Although the thought of sharing a home with somebody you can’t be married to seem simply unacceptable, many people are forced to live in this manner. The biggest reasons is they can’t afford to sell the home or are having a hard time selling the property in today’s difficult economy. There are many potential personal issues with this option as well that might lead to more stress, potential struggles and a poor environment for any children involved.
Fourth – Do you Sell Your Home Quickly to a Home Investor?
A final option that has become much easier for many people who have filed for divorce is to sell the property to a home investor who provides great marketplace value for the home with very little hassle, no closing or realtor fees or home improvement projects to be completed to sell your home to private buyers. This option also allows both parties to find a new place to live sooner and schedule a closing date that works well for everybody.
The decision to file for divorce is a difficult one indeed. However, there are many options available to ensure the sale of the home is legal, quick, easy and painless as possible.