How is a House Divided in a Divorce?
Jan 13, 2022 | Hometown Development
Divorce is never easy on either party. Dividing up a lifetime of belongings that you shared can be stressful and complicated. Your home is another asset that must be divided when you part ways. However, it can be difficult to know how a house is divided in a divorce. Here are some options that fit different scenarios.
Keep the Home
Some couples decide that one person can keep the home, especially if they have kids. The other person moves out and takes the items they want while the other person takes over the utilities and mortgage payments.
The challenge with this option is that the person who gets to keep the home must be able to “buy out” the other person or pay half the value of the property. If you don’t have the cash to pay for the other half of the home, you may not be able to keep it. Your other option is to give them your share of other assets which value as much as half the property.
Sell the Home
Your other option is to sell the house and split the proceeds. This is the path most divorcing couples take. However, this process doesn’t happen overnight, and it can delay the divorce by several months while you wait for the home to sell. You also must agree on everything, such as whether you will make any repairs and how much you will spend. You must also agree on which offer to accept.
Sell Your Home Fast
A real estate investor can help you sell your home quickly, so you can finish up your divorce and move on with your life. They can buy in a shorter time, and they won’t care about the condition of the house. An investor can make the challenges of liquidating your most valuable asset a little easier.
Need to sell your home after a divorce? Hometown Development can help We help homeowners sell quickly for cash, so they can get their home off their hands and move onto whatever is next in their life – with no repairs, no realtors, and no hassle. Reach out to our team for your free cash offer.