Selling the house when you divorce
It’s no doubt divorces are messy that could be potential damage on your wallet. Couples going in for divorce will have to pay for lawyers, documentation, and will have to decide and derive a procedure by which they will use to split their assets… some of which can be sold for money.
The house is always the biggest asset couples have to share and mortgages are well handled, both spouses can begin their new lives while being financially stable.
Splitting couples have three available options to choose from when it comes to their home:
- One spouse takes over all the house’s payments
- One spouse signs a quitclaim deed where they are still responsible for all the payments but do not have any rights over the house
- Couples can choose to sell their house and split the cash
Here’s what you need to know about the three options:
When your spouse wants to stay in the house and take over the payments
In a scenario where one spouse wants to continue living in the house while taking over all the payments, they will have to meet the requirements to qualify for refinancing with just their own income.
On one side, this seems to be a great deal while on the other hand, it is not in the case where your spouse falls back on their mortgage payments. This will lead to the mortgage company holding you and your spouse responsible even if your name is not on the deed. So far as they are concerned, you both are answerable for the monthly payment.
Signing a quitclaim deed
In case of a quitclaim deed, one spouse takes responsibility for the mortgage payments while they lose their right to the house. For example, a father might choose to move out of the house while letting his family stay in the family home.
The father can continue paying the mortgage to support his family but he doesn’t have rights over the house, his partner has the right to sell the house whenever they wish.
Selling a house during a divorce
Deciding to sell a house during divorce is by far the easiest option. The process can be even easier when both partners have equity in the house. By choosing this option, both partners should have enough funds to start over again.
There is a process used when trying to sell a house during a divorce. You can either decide to work with an agent or a real estate agency to achieve your goals. You need to understand that working with a real estate agent comes with agent commission while working with us is fast and free.
When working with cash buyers, you don’t have to worry about the problems caused by an agent, no need to worry about spending extra cash on agent commissions while trying to sell your home, it can all be done for free. You don’t have to spend extra cash on repairs and cleaning.