When married homeowners divorce, what happens to their home? There are a few options to choose from, each with advantages and drawbacks. The option you choose will ultimately depend on your circumstances, whether or not children are involved, and the animosity level between the couple.
Refinance the Home
In some cases, you may decide that one spouse will keep the home. If one wants to keep the home and the other is willing to let it go, then refinancing the home in the name of one of the spouses can work. However, the person who gets the home will need to have sufficient credit and income, and the outstanding loan amount cannot be higher than the fair market value of the home.
Agree to Sell Later
Alternatively, one spouse could keep the home for a time with the understanding that the divorcing couple will sell later. This can be risky since both parties will be responsible for making payments on the home. This alternative is not recommended in cases where there is little cooperation between you and your spouse. On the other hand, it can be a good situation if children are involved since it gives them a stable place to live.
Some couples with children try what is called “nesting,” in which each parent takes turns living in the house. This can work if they still get along well after the divorce, but again, monthly mortgage payments will still rest on the shoulders of both spouses, so cooperation is key. Not many divorcing couples can pull this off successfully.
Sell Fast to a Home Investor
Selling your home is an option that can reduce the liabilities on both spouses and make it easy to divide shared assets. However, selling a home conventionally can be a lengthy process, requiring extensive preparation in order to get the desired price or to even sell at all.
Rather than going through an agent or trying to sell a home on your own, it can be far less hassle to sell to a home investor such as SellMyHomeToday.com. You can get a cash offer on the spot when your home is viewed, with no realtors, showings, inspections, repairs, or hassles. More and more people are opting to bypass the traditional real estate process to sell their homes. Selling to a home investor is one of the easiest, fastest ways to liquidate the largest marital asset, your home, with minimal effort. Call SellMyHomeToday.com at (972) 643-8320 to set an appointment