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Selling your Home in a Divorce

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A common stress test given by therapists and psychologists lists divorce as the second higher stressor. Moving and change in living conditions also rank high on the list. If you’re going through a divorce and trying to navigate shared real estate, you’re likely experiencing high levels of stress along with sadness, frustration, and even anger.

On its own, selling a home is difficult. Still, when coupled with an emotionally charged situation like divorce, the process can be incredibly stressful.

If you’re currently trying to determine how to handle your home while going through a divorce, here are a few things you should know.

Utah is an Equitable Distribution State

In an equitable property state, things aren’t necessarily split 50/50. Instead, a judge will determine how a fair split of the property will look. For example, a judge could determine that the spouse who earns more money take 60% of the sales price of the property, and the other spouse gets 40%

Couples may agree about how they would like to split the property, but a judge must review that agreement to ensure that it’s fair for both parties.

Understanding how a court will split the property is essential as it could affect how you choose to handle the real estate investments you share.

What options do I have for selling my property during a divorce?

You typically have two options for handling real property (a home or piece of land). You can sell the house and split the profit, or one party can refinance the home and buy their ex-partner out.

Refinance and buy out: If one person wants to keep the home, they could agree to refinance the property to put the name of one individual on the house. The partner who keeps the house would pay the other partner out by giving them cash for their share of the home. This amount will depend on what the judge rules as an equitable split.

Sell and split: A standard option for divorcing couples is to sell the home and split the money earned from the sale according to the judge’s orders. This is usually a more straightforward and faster way to separate property.

Selling via real estate agent vs. selling to a cash buyer during a divorce

If you opt to sell your home and split the return, you could do a for sale by owner, sell via a real estate agent, or choose a cash buyer, like Brick.

While a for-sale-by-owner is a viable option for many homeowners, it might be too much work to handle while dealing with the emotional and mental stressors accompanying divorce.

Selling with a real estate agent is an excellent option for many homeowners going through a divorce. However, completing the sales process could take several weeks and often includes meeting with the realtor, holding open houses, and arranging walk-throughs. While your realtor will handle many parts of the home sale, it could still be time-consuming and more emotional for sellers.

Further, if your home needs repairs or you and your ex-partner are behind on payments, you may not be able to list the property with an agent.

An alternative option is selling your home for cash with Brick. When you sell your house to Brick, we simplify the process so you can move on with your life as quickly as possible. We know that divorce is complex, and selling your home shouldn’t add more stress than necessary.

We’ll help you split your house quickly. We don’t require walk-throughs or inspections, and we work with each customer individually to ensure that you’re not left in the cold. Need a few extra weeks to move out? No problem. Need help figuring out how to ensure neither partner owes the lender once the sale is final? We’ve got you covered.

Call us today or check out our online form to learn more about how we buy properties for cash.

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