Selling Divorce Property: What to Know

Going through a divorce can be one of the most challenging personal experiences that someone ever has to go through. A divorce is a formal end to a meaningful relationship, and the legal process also helps to separate the couple and allow them to go their separate ways. If you are going through a divorce, figuring out how to split assets is a very important part of the process. One asset that almost always needs to be split or sold is the home, which was previously shared by the couple. In some cases, selling the home is the best way to move forward. If you are going to sell a property during divorce, there are various things that you need to know and understand.

Who Gets the Home

One of the most important factors to determine is who gets the home in a divorce. Typically, through either negotiations or a judgment, one party will be deemed the new full and lawful owner of the home. Doing this could require one party to effectively purchase the home from the other. This could be done by figuring out a fair payment and compensation plan that will be effectuated by splitting up all other assets. If this occurs, a full sale of the home may not be necessary. However, there are plenty of situations when neither party will want to keep the home, at which point a sale will be necessary.

Determine How Much Is Owned

If you decide that selling the home is an ideal option for financial or personal reasons, selling the home together can be a good option. In these situations, figuring out how much each party owns in the home is important, and this determination will often be figured out during the settlement and negotiations process. When the home is ultimately sold, the remaining proceeds received at close will then be split between the two parties based on a prorated basis.

Tax Implications of the Sale

It is important to consider the tax implications of the sale. If you intend to roll your home sale proceeds into a new home purchase, you will probably not be taxed. However, if you do not decide to purchase your next home, both parties individually could be taxed on any excessive profits. It is important to discuss this with your attorney and accountant so you are aware of what your potential tax liability could be.

Determination of Listing Strategy

Once you have gone through the divorce process and are selling the home, it is important that both parties are on the same page with a listing strategy. Depending on the market you are in, selling a home can take months and will cost a lot of money in terms of making repairs and carrying a mortgage until the home finally sells. It is important that all parties are in agreement as to who the listing agent will be, what an acceptable sales price is, and other factors. Having an agreement in place will help the process go more smoothly, particularly if the sale takes longer than anticipated.

Try to Sell Your Home Quickly

As the traditional home-selling process can take some time and be quite expensive, selling your home to an alternative solution is often a good idea. If you would like to sell your house fast and are in the area, you should call the team from We Buy Houses Cincinnati. This company is focused on purchasing all types of houses in the Cincinnati area and can help ensure that you are able to sell the property quickly and save money in the process.

When working with We Buy Houses Cincinnati, you can start the process by filling out a quick online form. From there, the company can schedule an in-home consultation, which could result in them making you an all-cash offer to purchase the home. In many cases, the sale can be completed in a matter of weeks from the date when you filled out the form. Not only will this save time and result in a good sales price, but you can also avoid many costs that come with a sale, including real estate commissions, the cost of repairs, and additional closing costs.