Divorce Sell House

Austin House Buyer

Divorcing and Need to Sell Your House?

Nobody wants to think about the painful idea of divorce. Aside for being emotionally exhausting, it can be financially taxing as well. Attorney fees add up quickly and oftentimes couples find themselves in debt, even under the most agreeable of terms.

A major factor in divorce is also what to do with mutually owned property. If two people are trying to quickly get their lives back on track, selling a house could take too much time, energy and effort in an already exhausting process. What if you’re forced to stay together, due to the financial stress that occurs when selling a home?

You might consider refinancing your house after a divorce, as long as you don’t owe more than the house is worth. This only works as long as one of you agrees to let go of the house and the other, who’s refinancing, has good credit and income. If you plan to keep the home, you’ll want to make sure you can afford all of the expenses on your own.

Even if you’re fine to just “give” the home to your spouse, it may not be so simple. While it may seem easy to sign over the house, alleviating you from any involvement, it’s oftentimes not as easy as it sounds. It can be messy trying to get your name off the house to become free and clear to get another mortgage on your own.

Couples navigating the stress of a divorce need to know the cost of a real estate asset and what the capital gain will be when the house is sold. When selling a house during a divorce, it’s likely that if there’s equity in the house, you’ll be handing a large chunk of your sale proceeds right over to Uncle Sam.

Do You Live in a Community Property State?

Texas is a community property state, where all assets acquired by you and your spouse are divided equally at the time of divorce. The state doesn’t take into account equitable distribution, as many others do. It doesn’t matter who made the money, who worked from home and how long the marriage lasted – anything acquired in marriage gets divided 50/50. This may affect how to proceed in the event of a divorce.

As always, it’s advisable to talk to an attorney to fully understand the laws in your state and get the best legal counsel during the time of divorce. This expense also adds up quickly!

Consider a Cash Buyer

An offer from a cash buyer can take all the unexpected headaches and stress off the table when dealing with the painful event of divorce. Accepting a cash offer eliminates many struggles sellers face when trying to sell a house, and can get you free and clear of your mortgage commitment quickly, allowing you to move on with your life and put the stress of divorce behind you.

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