Selling a House During Divorce
Selling your house during a divorce can be a challenging and emotional experience. It is a difficult decision to make as it often involves letting go of the home that you have built and shared with your spouse. But sometimes, selling a house during a divorce is the best option for both parties, especially if the property is a significant source of conflict. In this article, we will discuss the legal implications and steps involved in selling a house during a divorce, particularly in Kansas. We will also touch on some tips and best practices for selling a house during a divorce and dividing the profit.
What happens to the house in a divorce?
When couples decide to divorce, one of the most significant issues to address is the division of assets, including real estate. The property owned by spouses is usually divided according to the settlement agreement reached in the divorce process. In some cases, spouses may agree to sell the house and divide the proceeds. In other cases, one spouse may keep the house and compensate the other spouse for their share of the property’s equity.
However, before determining what will happen to the house, it’s essential to understand the divorce process in Kansas. In Kansas, divorce is granted based on the grounds of incompatibility. Kansas is also an equitable distribution state, which means that property division will be based on what the court deems to be fair and just, considering all relevant factors. In addition to the financial aspects of property division, the court also considers the welfare and interests of any children involved in the divorce.
Do I have to sell my house in a divorce?
No, it’s not mandatory to sell your house in a divorce. However, if you and your spouse cannot agree on how to divide the property’s value, the court may order the sale of the property. Selling the house can also be a viable option if neither party can afford to maintain the property after the divorce.
Selling property before divorce settlement
It’s not uncommon for spouses to sell their property before reaching a divorce settlement. Selling your house during the divorce process may help alleviate some of the financial burdens of maintaining the property, such as mortgage payments, utility bills, and property taxes. It can also reduce the conflict between the spouses, as they no longer need to communicate about the property. However, it’s essential to note that selling the property before the divorce decree is final can be complicated. The court may consider the property’s sale as a dissipation of marital assets and may penalize the party who sold the property.
How to sell a house during a divorce
Selling a house during a divorce can be a complicated process, but there are steps you can take to make it easier. Below are some tips to consider when selling your house during a divorce.
- Hire a real estate agent
Selling a house during a divorce can be emotionally draining, and it’s essential to have a professional real estate agent who can help guide you through the process. A real estate agent can help you determine the property’s value, market it, and negotiate with potential buyers. They can also help you navigate any legal issues that may arise during the sale.
- Decide on a fair asking price
One of the most crucial steps in selling a house during a divorce is determining a fair asking price. The asking price should reflect the current market value of the property and consider any necessary repairs or renovations. If both parties cannot agree on the asking price, it may be necessary to hire an appraiser to provide an unbiased opinion.
3. Prepare the property for sale
To attract potential home buyers, you need to prepare your property for sale. This may include cleaning, decluttering, and staging the property. You may also need to make any necessary repairs or upgrades to the property before listing it for sale.
- Communicate effectively with your spouse
Communication is essential when selling a house during a divorce. It’s important to keep each other informed about any offers or updates regarding the property sale. Try to be civil and respectful when communicating with your spouse, as it can help avoid any conflicts or misunderstandings.
5. Consider selling to a home buyer
Selling your property to a cash home buyer can be a good option if you need to sell your property quickly. Home buyers typically purchase properties as-is, meaning that you won’t need to make any repairs or upgrades to the property. This can help reduce the stress and time associated with the property sale.
Selling a home after the divorce settlement
If you decide to sell your property after the divorce settlement, you will need to determine how to divide the profits from the sale. This will depend on the settlement agreement reached during the divorce process. In some cases, the proceeds may be split equally between the spouses. In other cases, one spouse may receive a larger share of the profits if they contributed more to the property’s purchase or maintenance.
How to divide the profit from a house sale during divorce
There are several ways to divide the profits from a house sale during a divorce. Below are some options to consider:
- Split the profits equally
If both parties contributed equally to the property’s purchase and maintenance, it may be fair to split the profits equally.
- Determine the property’s value at the time of marriage and divorce
If one spouse owned the property before the marriage, they may be entitled to a larger share of the profits. Alternatively, if one spouse contributed more to the property’s maintenance during the marriage, they may be entitled to a larger share of the profits.
- Agree on a different distribution
If both parties agree to a different distribution of the profits, they can include it in the settlement agreement.
Key Takeaways: Selling a House During Divorce
It’s no surprise that selling the marital house during a divorce is stressful. This is to be expected since the two parties involved in the decision-making are divorcing in the first place…
That said, selling your home should be done before the divorce is filed or after it is settled. Selling your home when the divorce is ongoing could worsen the anonymity between you and your spouse leading to lower value offers on the market.
However, cash buyers are a hassle free solution that many divorcing couples seek out. Divorcing spouses can get cash in an amount they agree upon and close in as little as 7 days. No one has to agree on repair costs or related expenses. It’s fast and easy.
If selling your home during a divorce is causing you headaches, let us help out. Here at Wichita Home Link, we will give you a free, no-obligation cash offer and let you choose the closing date of the sale! Fill out the form below or contact us at (316)-258-0650 if you are interested.