Tips for Reaching a Settlement on the Division of Property in a Divorce
by Ted Ricasa on Dec 4, 2013
For many families, divorce is an unfortunate reality. In fact, in the United States alone, there are over 1.2 million divorces each year. Since few couples plan for a divorce, there are a lot of questions when a marriage ends, one of the most difficult being: "What happens to the house?" Buying a home is one of the largest investments a couple is likely to make. After a marriage ends, how do you go about selling your house?
Do I Have to Sell My Home?
There are a number of options available for dividing such a valuable asset during divorce. If possible, you and your spouse should attempt to reach a settlement on the division of property before the divorce goes to court. Once the divorce proceedings begin, you will have less say in what happens to your house.
During the divorce, a spouse may purchase the other's portion of the mortgage and gain ownership of the home, or even continue to share mortgage payments and co-own the property. Of course, the most common route is to simply sell the home.
If I Decide to Sell, What Are My Options?
There are two routes to selling the home, each with its own benefits and downsides. For a couple eager to move on and not deal with the headache of trying to sell the house, a short sale may be ideal. If the mortgage company agrees, a short sale allows you to sell the house for less than the remaining balance. With a short sale, you don't receive as much for your home, but the process can move quickly.
To attempt to receive market value for a home, other couples will go through traditional channels, such as a realtor. While on paper this provides a greater financial return, many homes will go unsold for months, possibly years, at a time. In that time, you and your ex will need to continue paying the mortgage on a home neither may actually live in.
Basically, if you don't mind hanging onto the house and would prefer a greater financial return, consider selling the house with a realtor. If you aren't up to the hassle, a short sale might be the right choice for you. If you have any questions or would like information on the best options for selling your home after a divorce, contact the real estate experts a Fast Home Help for guidance.
Our real estate professionals at Fast Home Help can provide you with the information you need when, when you need it the most. To learn more about the value of your property, request a free, no-obligation Property Privacy Audit™ today.