Divorce is a tough thing to go through. Even the most civil divorces conjure up difficult emotions.
Trying to figure out what to do with the house at such a troublesome time can really add to the stress.
It’s a big asset, so it does require ample consideration. But it is possible to examine the options and make a sound decision with little grief.
Here are 4 options for what to do with the house when you divorce:
- One Spouse Buys The Other Out
If one spouse wishes to buy the other out, they will need to take a careful look at their budget to make certain they can afford the mortgage payments, taxes, insurance, and upkeep.
If it truly is financially feasible they can try to negotiate a deal.
- Both Spouses Remain Owners
Couples who have kids often decide to co-own the home after the divorce, since having one parent remain with the children in the family home can make the transition less disruptive.
But what many couples don’t think about is that with the mortgage in both names and appearing on both credit reports, they’re still connected financially, which means there’s the potential to harbor even more resentment.
Also, the person leaving may end up with a lowered credit score and have trouble purchasing another home.
- Defer the Sale
Couples can also defer the sale of the house, meaning that it will be delayed until a specific date. The couple will jointly own the property, but one spouse will move out. This is typically done in hopes that home values will rise.
The court may also order a deferred sale when there’s children involved in order to minimize the impact the divorce has on them.
Like the previous option, the spouse not residing in the property may have difficulty getting another mortgage. And if the if the spouse staying in the house defaults on the mortgage payments, the other spouse will end up being responsible, making it a risky venture.
- Sell It Right Away and Be Done
Selling the house right away comes with the least amount of risk. It also makes for a clean break. Not to mention cash in both your pockets.
If you decide to the sell the house and it’s in primo condition, a real estate agent may be able to help you both get the most money for your home.
But if your house needs a lot of repairs and the thought of dealing with things like staging, inspectors, and people constantly walking through your home sounds like too much to deal with on top of divorce, selling to a cash buyer is a good option.
They can typically make a cash offer that’s close to what you would net selling it through a real estate agent. They buy it as is, so you don’t have to worry about any repairs or clean up. And there are no fees.
Plus, they can close when you choose, as quick as seven days, and are flexible on move-out times.
Want to find out if selling your home for cash makes sense for your divorce situation? Fill out the form below. We’ll do an honest assessment and get back to you quickly.