Despite the fact that divorce can rip a family apart and cause expensive litigation, it is sometimes unavoidable. You and your spouse will have to deal with difficult matters such as dividing assets and determining who will live on shared property if you decide divorce is in your best interests.
During a divorce, it’s common to want to sell or keep your house. Fortunately, this is one area of divorce law in California that has straightforward answers.
What Happens to the House in a Divorce?
Each divorce in Oceanside, CA is unique, which makes it difficult to navigate who gets the house. Depending on how cooperative or acrimonious the divorce is, the outcome may differ. When it comes to negotiating a house’s future, there are a few options to consider.
1. Divide large assets with your spouse.
Even though you’ll still have to negotiate the value of each large asset to reach a reasonable agreement, you won’t have to deal with the stress of selling a house during a divorce.
2. Buy the other party out.
The buyout may be more or less than half of the market value depending on each party’s income, financial contributions to the property, and the home’s potential earnings.
3. Agree to co-own the home.
You’ll decide how the mortgage payments will be split, when they will be paid each month, and how to distribute the proceeds of the sale when the time comes. In this way, children can stay in the home and nobody has to worry about spending a lot of money to buy out the other person.
Why Sell Your Oceanside House Before or During Divorce
A divorce doesn’t force you to sell your house, but selling may be the better choice for a number of reasons:
1. Neither parties can afford to keep the home.
It may be best to sell the house if either party can’t afford the mortgage, insurance, property taxes, and maintenance on one income. In order to qualify for a Home Sale Tax Exclusion, you must have lived in your home as a primary residence for two of the past five years. It may be more financially beneficial for both parties to sell the house before a divorce is finalized, so that you can write off a larger profit.
2. Both parties want to avoid a legal dispute.
If you both want the house but can’t agree outside of court on who should get it, the courts will decide. Often, it’s easier to sell the house and split the proceeds rather than get into a legal dispute.
3. One party can’t afford the risks of being a single homeowner.
Single homeowners must be aware of the liability risks and challenges they face. Unless the lender will support a single owner and the other spouse refuses to continue making payments on the house, you have to sell or risk foreclosure.
How to Sell Your House During a Divorce
In a divorce, selling your home is just like any other time, except that you need to be clear about who gets what before you sell. You should be able to get fair market value from the sale of your home as long as you are not desperate to move.
Appraisers and agents can help you determine how much the property is worth, and then the spouses (through their attorneys) should decide exactly how to split the money from the sale. If any one of the spouses needs the money right away, you can consider calling a cash homebuyer who inspects the property and offers a fair cash offer, usually on the spot.
Sell Your House Fast in Oceanside, CA
Ignite Property Solutions, LLC can help you if you need to sell your house fast. We buy houses in Oceanside, CA for cash and close quickly. Since we’ll buy your home “as-is”, you won’t need to make any repairs. If you have a tight timeline, we can close quickly, and we are fast and professional.
We strive to make fair cash offers for the value of your property, and we only do win-win deals in which you and we both benefit. And we don’t push you into anything. Once we give you our offer, we won’t pressure you to take our deal.
Contact us today if you’re looking to sell your house fast. Call us at (760) 302-7700.
