Going through a divorce is one of the most stressful things that any family can experience. It is getting even more complicated if spouses own a property together and need to decide what to do with it. If you are thinking of selling your marital home, there are certain factors that need to be taken into consideration. Here is important information about selling a divorce property:
Who Gets Property In Divorce?
In order to answer this question, it is important to take certain things into consideration. For example, if spouses purchase their home together during their marriage, then it should be divided equally between the spouses. However, if one of the spouses bought the home on their own before the marriage, the property is considered separate. It is also off the table during negotiations, if the property was inherited or received as a gift.
In general, it is hard to answer the question “Who gets the property after divorce?” because it depends on the individual case.
How To Sell A Home During A Divorce: The Process
Selling a divorce home is a process that involves the following steps:
Step 1: Prepare Your Home For Sale
It is important to prepare your home for sale. There are certain things you need to do, such as repairs and renovations, thorough cleaning, taking professional photographs, and some other things. The purpose of all f them is to make your house look better and increase your chances to sell it.
Step 2: Hire A Realtor
If you want to sell your property the traditional way, it might be a good idea to hire a professional and experienced real estate agent. Realtors help with setting the right price, listing your property, and finding prospective buyers. Working with a real estate agent will definitely save your time, but they also charge a commission. The commission of most realtors ranges between 4% and 6% of the home’s sale price.
Also, you should not rush when searching for a realtor. You need to find an excellent and experienced professional who is familiar with your area and has great communication skills. He or she should also be patient in order to be able to explain and repeat things many times.
Step 3: Take Care of the Financial Aspects Of a Home Sale Process
A home sale process involves certain financial aspects that you should take into consideration. One of them is the capital gains tax ramifications. In general, a married couple selling their property can exclude up to $500,000, but only if they file their taxes jointly. If they decide to file separately, the amount they can exclude is smaller – $250,000.
What Is The Best Way To Sell A Divorce Property?
There are two ways to sell your divorce property. Both ways have their advantages and disadvantages. The first way is selling your home the traditional way. You need to hire a realtor, prepare your home for sale, list it, and then wait for prospective buyers. Usually, this option takes time – several months or even longer. Therefore, if you want to sell your property fast, this option is not for you.
Another option is to sell your divorce property to a cash buyer. Cash buyers purchase all types of homes and pay cash. The best thing about working with a cash buyer is that you can sell your property immediately.
Sell Your House Fast To We Buy Houses Colorado Springs
If you are thinking of selling your divorce home in Colorado Spring, CO and you do not want to wait until you find a home buyer, you should consider selling it to We Buy Houses Colorado Springs. We are a real estate company that purchases all types of homes in any location and in any condition. The best part about working with us is that we are ready to buy your divorce property immediately and we will pay you cash. If you have any questions about the process, do not hesitate to visit our website for more information, or give us a call – we are always ready to answer any of your questions.