Going through a divorce is a stressful time for everyone involved in the matter, regardless of what might have caused the divorce. One of the elements you need to consider when going through the divorce process is the division of property, including the house. In some cases, one of the spouses might want to stay in the home, and if he or she has the ability to buy out the other spouse, and the other spouse is agreeable to it, they can own the home. For those who have children, this may be a better option than uprooting them from the home.
However, that’s not usually what happens. Most of the time, both parties are looking for a fresh start, and that means they want to sell the home and move on. One of the things that you need to keep in mind is that you will have to pay off the mortgage, brokers’ fees, capital gains tax, and other fees that might apply before you sell. When you can get a high enough price for the house, you can take care of the mortgage and fees, and both parties may still have enough money to start over.
In some cases, it can be nice and easy to sell the home. When both of the parties in the divorce are able to act with reason toward one another, it is possible to sell the home and divide other assets with no issues as the divorce proceeds. Of course, many divorces are not amicable at all, and the two parties are contentious and at odds with one another. This will make the sales process far more difficult and tedious, and in some cases, the courts might need to step in and help handle matters if attorneys and mediators cannot.
Often, both parties have put money into the purchase of the home, and both want to have their fair share of money returned through the sale of the house. Rather than concentrating on the reasons for the divorce, it is important to consider the benefits of selling the house and how it can help to facilitate the divorce.
It is very important to keep in mind that if the case has to go through the court, the judge does not necessarily act in the way that either of the parties might want. The best course of action is to find a way to sell the house on your own terms. Sometimes, this may mean giving up some of the things that you might want out of the divorce, but it might be better to sell the house as soon as possible.
There is always the possibility that the house will not sell during the divorce, even when you are working together. If the house does not sell, there is still the possibility that one of the spouse might decide that he or she would like to buy the house. As long as the spouse is capable of getting a mortgage loan that is large enough, there should be no trouble when it comes to buying the home. If it is not possible for him or her to qualify for a loan, to give up assets that are equal to half of the home’s equity.
However, there is nothing to say that you need to sell the home before the divorce is complete. It is still quite possible to hold onto the home and keep it up for sale. During this period, one of the parties can still live in the home, but he or she will be responsible for all of the mortgage and utilities, as well as other expenses associated with the home, such as HOA fees.
Be sure you remember the capital gains tax ramifications of selling the home. Those who are married and who are selling a home can exclude up to half a million in profit. However, those who are single will find that the capital gains exclusion will drop to $250,000, which makes a large difference. It is possible for each of the individuals to file separately and claim up to $250,000 each. However, they need to meet the home qualification of “two out of five years”.
Because this can become complicated, in addition to working with a quality attorney, you will also want to make sure that you have someone who can help you with your taxes to make sure that you are filing everything correctly. You do not want to have a nasty capital gains surprise come back and bit you.
Once you have figured out what you will be doing with the house and how you want to sell it, the rest of the process is relatively simple. The house is sold just like other houses that are on the market. However, it tends to be a good idea to keep the talk of the divorce out of the sales process. If a potential buyer hears this, and believes that you need to get out of the house quickly, they might try to get you to sell at a lower price than the value of the home.
In addition, no one who is buying a house wants to watch the current owners argue in front of them. In fact, it is a far better option to have a real estate agent who can handle all of the business with the house for you. You do not even have to be in the house when it is shown.
Divorce is not the end, and it is possible to sell the home, even when the divorce is contentious. However, if you and your soon to be ex-spouse want to make things as smooth as possible, it might be a better idea to sell the house first and then concentrate on the divorce. It tends to make things easier.
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