Working with someone you used to love is even more difficult than working with someone you don’t like. And when that collaboration is critical to protecting your most valuable asset, emotional issues can easily trump good business judgment and decision-making. As a result, selling a home during a divorce can be especially hazardous for divorcing couples. It happens all too often: In the process of divorce, one spouse is ready to sell the marital or family home, but the other isn’t—and so the latter decides to obstruct the sale.
If you find yourself caught in this situation, or you want to avoid such a scenario in the future, it’s important to understand the potential issues involved and put safeguards into place to work toward a positive outcome.(1) Fortunately, with the right realtor’s help, you can still close a home sale that allows each spouse to gain the most equity. One of the first queries clients ask is whether they should sell their home before or after their divorce. While each family’s situation is exclusive, here are some benefits that you will enjoy from choosing each option.
Merits of Selling a House Before a Divorce
The option to sell my house fast Kansas City before the divorce saves time, money, and pressure because you only pay the standard real estate fees associated with any sale. If you wait until the divorce is finalized to list the house, each spouse will be required to submit the paperwork for review to that person’s attorney and pay hourly fees. Here are the benefits of selling a house before a divorce.
Reduce Your Mortgage Debt and Household Expenses
During the marriage, the joint resources made homeownership inexpensive. However, paying the mortgage, utilities, upkeep, and other living expenses on your own is challenging. Selling the property before the divorce is an excellent option for couples who cannot afford the mortgage, maintenance, or the spouse’s buyout. Moreover, if maintaining the property puts a strain on your finances, the accrual of deferred maintenance, back taxes, or foreclosure will only cost you more money in the long run.
In fact, the proceeds from your home sale may be required to satisfy the terms of your divorce settlement agreement.
Get Money to Fund Your New Future
When your divorce is finalized, you’ll need to figure out how to fund your new single life. According to your state’s marital property laws, you may be entitled to only half of the value of your home. However, if you have a substantial amount of equity in your home, which is likely to be your most valuable piece of marriage asset, those funds can significantly help you in funding your future. When you sell your house fast Kansas City, you can use the proceeds of your home sale to make a deposit payment on a new home, pay for a short-term rental, or get moving expenses to move across town or country.
Enhance Your Negotiating Power
It can be difficult to keep your divorce private. Not only are rumors annoying, but they can also harm your reality. If buyers believe your divorce has made you desperate to sell, they will almost certainly make you low offers. Ensure the house looks tidy and lived-in, with clothes in the closets, utensils on the kitchen shelves, and so on, to avoid buyers noticing your divorce.
If your divorce is still a hot topic in town, you might prefer a pocket listing or selling to Kansas City home buyers over a public listing. If you accept a cash offer from a cash home buyer, the sale will be complete within a week.
Benefits of Selling a Home After Divorce
More time to work on improving communication with your ex
The main factors that sabotage the home sale process are acrimony, animosity, bitterness, and retribution. So, if your spouse displays those signs early in the process, it may be best to sell the house after the divorce is finalized. The de-escalation of emotion might also assist you in making wise financial decisions based on what will benefit you rather than what will harm your ex.
Increase the Value of Your Home
Waiting to sell my house fast Kansas City, Missouri, typically reduces your debt while increasing your equity, assuming your mortgage payments are made on time, and the house is well maintained. Even when the housing market falls, overall home values tend to rise over time. The longer you wait to sell your home, the more money you’ll likely get from it.
Potential to Make a More Informed Decision
Divorce and moving are both stressful, so doing both simultaneously may seem overwhelming. You may be able to focus on selling your home once you’ve adjusted to your new life and routine. The length of time it takes to recover from a divorce ranges from 18 months to half the number of years the couple spent together. However, this doesn’t apply to all couples as it depends on each person.
The bottom line is that it takes time to recover from the end of a relationship with your spouse and possibly even from the loss of your home. Waiting until after the divorce is finalized and you have some certainty about your future may make it easier to let the house go on your terms and timeline.
If you’re selling your home during a divorce, it is crucial to note that animosity will impact the home sale’s bottom line. Try and take the emotion out of the home sale will, as this will help sell it fast and at the highest price. Try and communicate with each other or hire an experienced divorce attorney to help you throughout the sale of your home. If you and your partner decide that selling your home after the divorce is a better alternative, you can still hire a realtor to ensure the house is not on the market for long.
Your situation and all the benefits highlighted above should determine the decision to sell your home before or after the divorce.