You can sell your house before a divorce. Most Americans believe their house to be the most expensive asset they will ever buy in a lifetime. The house can be classified as community property which can be very stressful in a divorce.
Unlike other assets such as bank account balances, a house can not be divided. The only action that can be taken is buying your spouse out or selling the house and splitting the proceeds.
It is advisable to put the house up for sale immediately after you realize that a divorce can no longer be avoided. Putting your house on the market early enough gives you adequate time to get more interested buyers. It will increase the chances of getting a good offer that will give you enough equity to divide with your partner.
Selling your house before getting divorced eases the transition because both of you will have to move out, enabling you and your partner to get used to the single life.
Most people do not appreciate the benefit of selling their houses before divorcing to their tax filings. It is common for both parties to move out of the house after the divorce, rendering the house a second home for both partners.
The property may appreciate to a certain level after a significant period. That increase is treated as capital gain while filing taxes, and it is taxed.
Selling your house in advance before filing for divorce avoids the trouble that the house may bring if sold later. You must sit down with your partner and discuss making the sale possible. A spouse not cooperating with selling the house is most likely challenging.
Another way of ensuring that the property is sold before the divorce is finalized is by delaying the commencement of the process completely. The moment your divorce is finalized, you lose all the incentives you had before the divorce.
Some cooperating partners may play the delaying game when the court date gets near, hoping they can get a bigger share of the proceeds or continue staying in the house. Postponing the divorce can help bring back the focus on selling the house.
The court is the only entity capable of forcing you to sell a house and transfer ownership from one party to another. They can also order the sale pursuant to marriage dissolution.
It is possible to sell your house before your divorce is filed, which will help you avoid being forced to sell. You will also have time to choose the best realtor to deliver the best prices. You need to be on the same page with your spouse or soon-to-be ex-husband or wife.
After everything and you still want to sell your house, if you’re in Denver area, better look for companies that offer cash for houses in Denver for a fast transaction.