What Home Sellers Need to Know About Getting a Divorce and Selling House in SW Florida
Getting a divorce and selling the house at the same time can be incredibly stressful. Deciding what to do with the house can be emotional. It’s important to try to keep your emotions in check and look at the facts when deciding whether to sell a house.
There are 4 options when you sell a house during a divorce:
- Sell the house now and divide the proceeds
- Buy out your spouse
- Have your spouse buy you out
- Retain joint ownership
1. Sell the House Now and Divide the Proceeds
When you decide to sell the house now and divide the proceeds you’ll want to make sure that your home sells fast and for top dollar.
As you divide the proceeds, it’s important to remember that your portion may not be an even 50/50 split. The amount of proceeds you will receive depends on the laws in your area and your divorce settlement.
Doing a bit a research to understand your options will help. You can also speak to legal and real estate experts for additional guidance.
2. Buy Out Your Spouse
If you want your spouse to buy you out, you’ll need to figure out if you can afford the monthly payments. You will also need to refinance your home if the mortgage was taken out jointly.
3. Have Your Spouse Buy You Out
If your spouse buys you out, you are able to move forward and purchase a new home with cash in hand. However, if your loan is not refinanced, you could still be on the hook for the mortgage even if you no longer live there. Refinancing is a must as it will make it easier for you to obtain a new mortgage.
4. Retain Joint Ownership
Another option is to retain joint ownership of the home. This allows you to postpone making a decision temporarily. While this situation may be ideal for some couples, there are also important tax considerations.
Getting a Divorce and Selling House? Contact Your Home Sold Guaranteed Realty – Vasbinder International in SW Florida Today
We’ve created a special report titled “Divorce: What You Need to Know About Your House, Your Home Loan, and Taxes.” This report is available to you at no cost and no obligation. To receive your copy of our free report, simply complete the form below.
Our team understands how difficult a time like this must be. We want to make sure you have everything you need to transition ownership or sell an asset as large as a house. If you want an impartial third party to help navigate this complicated process, don’t hesitate to get in touch.
To get started selling a home today, call us at 239-990-3131, contact us here, or fill out the form below.
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