Amidst life’s most stressful decisions, deciding to sell a home after a divorce is at the top of the list.
If you or a loved one find yourself in this unfortunate position, read on for some tips to make the process of selling a home after divorce easier.
Understanding the Emotional Side
Divorce is a super-charged emotional event. In fact, on the Holmes-Rahe Life Stress Inventory, divorce ranks high as one of the most stressful life events, second only to the death of a spouse. It’s important to know that you’re dealing with a situation that is highly painful and emotion-driven. Many memories have been made in the home, and it can be difficult for people to leave the house behind. On the other hand, resentment can play a part, and one or both parties might try to make selling the house more difficult out of spite. Timing and pricing are always issues when selling a house, and after a divorce, one person may be more eager to sell the house and move on–possibly for a lower price than the home is worth. To cap it off, many life-altering decisions are being made in a relatively short period of time, requiring cooperation with the very person you’re trying to separate from.
Deciding to Sell
First, you will need to determine whether to sell the house or not. Even if one spouse would like to stay in the home, there are some factors at play that may prevent that from being a reality. For example, while it’s easy enough to remove a name from a title, it is more complicated to remove a name from a mortgage loan. Another consideration is that the remaining spouse would need to qualify for and make payments on the mortgage loan on their own. The reality is they may not be able to afford the current home on their own, which makes selling the house a necessity.
Getting on the Same Page
There are a number of factors to consider when deciding to sell a home after a divorce, and it’s more crucial than ever that both parties communicate with each other. This can be a tall order, so choosing a good divorce attorney and real estate agent can help. Make sure both spouses can arrive at an agreement about the following questions:
- What is the lowest amount you’re willing to accept? What asking price can you both agree on?
- What real estate agent will you use?
- How do you plan to pay for repairs or staging costs?
- Will you be hiring any services out, and what will they be?
- What level of communication is expected for both spouses? Do you both want to be informed of every detail about viewings?
Dividing the Proceeds
Once a house has sold, you will need to divide the resulting money. In the state of Utah, the law requires an equitable division of marital property. This means assets are divided fairly, which is not the same as equally. For a long-term marriage, 50% may be more likely, whereas in a short-term marriage, the court will attempt to place each spouse back at their economic position before marriage. Whatever agreement is reached between the divorce parties, the judge will review the agreement to be sure it is fair and equitable.
Relying on Expert Help from Bob Buys Houses
During a divorce, so many factors cause emotional pain and making decisions can be difficult. After opting to sell a home, handing over this challenging task to an experienced homebuyer can help. At Bob Buys Houses, we provide a cash offer at top value and can help you sell your home quickly and painlessly. We take homes in any condition so you won’t have to worry about all the repairs, cleaning, marketing, and so on, leaving you with one less thing to worry about.
If you’re a resident of Salt Lake City, Ogden, Provo, Park City, or anywhere in between in the state of Utah, contact us today for a fair, no-obligation offer on your home.