Going through a divorce is difficult, even with the most amicable split. Throughout the process of ending a marriage, you and your spouse must decide how to share or divide finances, as well as assets. One of the biggest assets, of course, is the house.
Worried about selling a house in Texas during a divorce? Which spouse will get the proceeds? Will it be split evenly? Who should be responsible for the fees and financial transactions throughout the process?
Divorce-related home sales can be tricky waters to navigate. It is absolutely essential that you find a real estate agent with a specialty in helping divorced couples sell their home before they can move on to the new chapters in their lives.
In addition to the already multi-stepped sales process, there are some extra considerations that must be included when the sellers are going through a divorce.
Here are some helpful tips to get you started.
Let the Agent Be the Decision-Maker
First and foremost, it’s important that a third party is present as negotiations with your soon-to-be-ex may not be the most friendly or civil. When it comes to making the big decisions, like setting a sales price, for example, lean on your real estate agent to guide you.
Instead of trying to settle on an asking price with your partner, let the agent use market data to help choose an appropriate price. That way, you won’t have to continuously fight with your spouse about some of the most important aspects of the home.
You will also want to have a discussion about who is going to come up with the cost for some of the up-front needs, if applicable. This means taking care of any work that needs to be done on the house before it is fit for showings.
Repairs, inspections, cleaning, landscaping, and yard work may all be necessary as a precursor to listing the home on the market. You will have to spend some time having a conversation about how this will be paid for, or who will do the work.
Living in or Moving Out of the Home?
In some cases, one of the spouses may choose to continue living in the home during the sales process, while the other spouse has moved out.
You may also have to work with your spouse to decide which pieces of furniture are yours, and which pieces are going with your ex.
Afterward, there needs to be a discussion on the physical work needed to clean and repair the home. Oftentimes the majority of the housework falls on one spouse, in which case the matter of extra compensation for that spouse should be communicated.
The Benefits of Selling During a Divorce
If selling a home during a divorce can be extra complicated, why choose to do it at all?
There are actually many benefits to selling your home during the divorce process. Many couples choose to sell the home so that they can both move on to their new lives, while others feel that selling the home would give them a financial boost as they both set out on their own.
For most married couples, an owned home is a shared investment. Since the couple no longer wishes to share anything, it may be good to get rid of any joint assets.
Accepting Buyer Offers
Couples going through a messy divorce often have a difficult struggle ahead of them when it comes to negotiating offers.
As the offers start coming in, many divorcees are looking forward to just getting rid of the house and moving on, while others still want to carefully consider each offer before settling on any final decisions.
You may also have an attorney with you throughout the sales process, who is also a required component to help you navigate your financial options.
The attorney can ensure that the profits of the sale are split fairly or split in accordance with the agreement made between you and your spouse.
Who Gets the Money?
There are certain laws that may dictate exactly how this is factored in, unless different legal agreements are already arranged and agreed upon.
In some cases, if one of you is keeping the majority of your shared assets, the other one may get a bigger compensation. It really depends on your situation and whether you have previously worked out how you want proceeds to be divided.
Keep Expenses and Communication in Check for the Successful Sale of Your Home!
Going through a divorce is never a fun process. Shared assets like homes can further complicate things, especially if you and your soon-to-be ex are not on great speaking terms.[su_npte]The best way to ensure a successful sale and make sure the proceeds are divided properly is to work with a professional real estate agent who can act as a mediator and an advisor from beginning to end.[/su_note]
If you have more questions or concerns about selling a home in Texas during a divorce, you can consult with our experts and specialists who can guide you through the process of selling your house during your divorce.