How To Sell a House After Divorce in Connecticut

What Happens to the House in a Divorce?

For most people, selling their home is like selling one of their kidneys: they'd rather not do it. However, there are times when selling your home makes sense--and that's when you're getting divorced and need to split up the assets. Before we get into how to sell your property after divorce, let's take a look at what typically happens to the house once you get divorced:

One Spouse Keeps The House.

This is usually the person who has been living in the house; thus, that person can continue living in it and often doesn't want to sell.

The House is Sold, and The Proceeds are Split.

This is usually the outcome if both spouses want to sell, but they can't agree on a sales price or what to do with the money from the sale. If this happens, a judge will determine how much each spouse gets from the sale of their shared home.

What Problems Can Arise When Selling a House After Divorce?

If either spouse contests the sale, it can cause delays and may even result in the sale falling through completely. For example, let's say you want to sell your house for $300,000, but your spouse wants more money.

If they refuse to agree on a sales price or pay their half of closing costs and other expenses after the home is sold, then you may be forced to sell your home for less.

If the house is considered marital property (family law), you may have to pay your spouse their share of the home's equity if the judge rules in favor of a 50/50 split, and also pay the capital gains tax bill.

How to Sell Your House After Divorce (Marital Property)

Now that you know what can happen when selling a house after divorce let's look at the steps you need to take so that your property sale goes smoothly.

1. Sell your house as is fast to a local cash buyer

The fastest and least stressful way would be to sell your home to us. After going through a divorce and the stress that brings, you may not want to work with a realtor, pay 6% of the home sale to the realtors, repair your home and make it stage ready. This process alone can take a year. Selling to us, there are no commissions, repairs and we close on average between 7-21 days. That's right, you can receive a cash payment for your home within a 30 days.

2. Hire an Experienced Real Estate Agent.

There are many realtors you can choose from, but not all realtors are experienced in selling homes after divorce. Therefore, when choosing a Realtor, it's important to select one who knows how to handle these transactions.

You can ask your family and friends for referrals or search online for someone who has experience with home sales involving divorcing couples.

3.Take Care of Any Mortgage Payments and Utilities Before the House is Sold.

You don't want your spouse to refuse to pay for anything after the home has been sold, so you need to take care of any necessities--like mortgage payments and utilities--before selling it.

4.Help Your Spouse Find a House to Buy.

Once you sell the home, your spouse will need a place to live; therefore, it helps to help your spouse find and purchase a new house before the Sale is finalized. This way, they won't refuse to pay their share of closing costs or other expenses once the home has been sold.

5.Agree on a Sales Price and Other Details.

When selling your home after divorce, it's critical that you agree to the sales price with your spouse. Separating couples often use an agreement called a Stipulation to determine if they can sell their home, how much equity each spouse is entitled to upon Sale, and what to do with the sales proceeds once the home is has sold.

You may be able to work out all of this by yourself. Still, you should always talk to your attorney before signing any legal documents or agreements--especially if you've already hired an attorney for your divorce. Once your step has been signed, it's important that you both abide by what's written in it.

6.Sell Your House for the Highest Possible Price.

Most real estate agents will use do a comparative market analysis to determine the most you can expect to get for your house before selling it. Therefore, it's important that you work with an agent who knows how to do this and help you set the right price to get as much out of your house as possible.

7. Divide The Money from the Sale.

When selling a house after divorce, it's important to determine how much money each spouse will get from the Sale before agreeing to a sales price and other details. This way, you won't have any disagreements about what should happen with the sales proceeds once it's sold.

Her cut, or her fair share of the home's equity, should be based on what she needs to have a comparable standard of living after the divorce.

Is selling your property before a divorce settlement a good idea?

Selling your house before a divorce settlement may benefit both you and your spouse. For example, if you plan to get a home loan or file bankruptcy, it might be necessary to sell the marital residence first. On the other hand, if you're not sure how much equity your spouse is entitled to or where your spouse will live after the divorce, then it may be wise to wait until the settlement is final before selling.

What about property taxes?

In the real estate market, taxes usually go up and down every year, so if you find your taxes are higher than the previous year after the Sale is complete, you can split the increased tax bill with your spouse.

Do I need a divorce attorney or  Law Firm?

If you or your spouse have any concerns about selling or dividing the equity in your marital home after divorce, then you should contact a family attorney immediately. The divorce proceedings could be delayed if either of you disagrees about selling your property, so it's important to have an attorney who can help you resolve these issues quickly.

If you've already hired an attorney for your divorce, then it may be a good idea to work with that same law firm or attorney when it comes to selling the house. On the other hand, if you don't have an attorney and need one, then using a law firm specializing in divorce may be the best choice.

Selling Your Home After A Divorce Has Never Been Easier

How are you going to sell your house after divorce? Are you wondering what happens with the property in a divorce or how fair market value is calculated when selling the marital home? If so, this article has some helpful information.

We hope that selling the marital home after a divorce is a smooth and easy process for both you and your spouse, but sometimes it can be filled with disagreements and hard feelings.

The information in this article should help you resolve any disputes or confusion that arise when selling your property.

Some Popular Cities In Connecticut We Buy Houses in:

  Stamford, Waterbury, Norwalk, Bridgeport, Hartford, Danbury , New Haven, Fairfield, Stratford, Norwich, New London, Groton, Manchester, New Britain, Meriden and Many More