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Going through a divorce is an unfortunate situation that can elicit a lot of stress and emotional turmoil for both spouses. It’s even harder if you’ve decided to sell the family home, and harder still when there are children involved. While one spouse can buyout the other person’s share of the home and continue living there, many people can’t afford the mortgage payments on their own or simply want a fresh start somewhere new. If you need advice on selling your house during a divorce, read on to find out everything you should know about the process before you get started.
Separate vs. Marital Property
Before you put your home on the market, the house must be deemed either separate or marital property. Separate property includes anything that belongs solely to one person in the marriage, usually because it was obtained before the marriage or was given as a gift. As a result, that individual typically receives sole ownership of the separate property. If you and your spouse can’t decide this on your own, you can get a judge to reach a ruling for you. A house is usually considered marital property, unless one spouse purchased the home before the wedding.
Each state can distribute property through one of two ways: community property or equitable distribution. States adhering to the community property rules have all marital property split in half. Indiana homeowners, however, are subject to equitable distribution during divorce proceedings. This means that the judge will determine how much equity each spouse has in the home, based on factors such as:
Listing Your Property for Sale
Once you and your spouse have decided to list your house on the real estate market in Indianapolis and know how the proceeds will be split up, it’s time to get to work. Selling your home is no easy task even in the best of times, so it’s important to stay focused and communicate with your spouse during this final transition phase. Be sure to work together and consult each other in joint decisions regarding the sale of the home. If that’s difficult for the both of you, consider enlisting the help of two friends to serve as your go-between. There are a lot of details to decide upon when selling the house, such as what, if any, minor repairs to make, and how to stage the space. You’ll not only need to figure out who’s going to do to the work, but who’s going to pay for it as well. It’s also helpful to rely on your real estate agent’s expertise in setting a price and negotiating with Indianapolis home buyers.
Preparing for Closing
Because Indiana is an equitable distribution state, closing on your house after it has sold is typically a straightforward process. The escrow company will simply separate out funds to each of your respective bank account in whatever proportion the judge decided on. However, if it takes a while to sell the house and only one spouse has been paying the mortgage, the judge will likely allow for that spouse to receive compensation based on the additional principal paid down during that time.
If you want to avoid the hassle of preparing your home for the real estate market and waiting for an interested home buyer, consider selling your home for an all cash offer. Solid Rock Houses buys houses in Indianapolis and surrounding areas in “as-is” condition so you can avoid the headache of going through the selling process. You can also work with us directly instead of paying commission to a real estate agent. Contact us today to find out how we can help you sell your house quickly during a divorce.