What To Do With A Home During Divorce
Dealing with a divorce? Divorce is a difficult phase in life. In most of the divorces, the family home tends to be the most important asset of any couple.
In addition to its financial importance, the family home also has several emotional strings attached to it.
When in happier times, you & your partner must have decided to spend the rest of your life in the given home or it might have been the inherited property to your children.
All of these factors might make it quite difficult for you to let go of the family home or assign some value to it during a divorce.
What happens to the existing home and where one or both of the couples will be going next will majorly depend on the divorcing partners.
In case of a divorce, all the given assets are to be identified and valued properly as an integral part of the dividing process.
The family home along with other properties need to be included in the same –irrespective of whose name is there on the property.
Because the family home tends to be highly expensive and valuable, it can be a vital factor to negotiations done while property settlement in a divorce.
Handling your property properly in the divorce will help you & your partner go separate ways correctly in the financial sense.
Here are some options to deal with your property in case of a divorce:
Selling Is Usually The Best Option
This could be the best and the most settling option in case of a divorce.
Selling of the given home is carried out quite easily if you have a certain portion of equity in the house.
In such a situation, the house can be sold off at good amounts and the profits could be divided properly.
Though, selling might not be a great option on emotional grounds.
This is because you must have several dreams of your children living in the given house. However, from a logical & financial point of view, selling the home and dividing the profit is the best way out there.
If you are considering selling your house, then selling the same to a real estate investor is another profitable consideration.
This is because the act can help in liquidating all of your assets rapidly and you can have instant cash in hand when you need it the most.
Decide On One Person Taking Over The Notes
Refinancing is another possible option while dealing with property in case of a divorce. If one partner wishes to keep the house, then he or she can refinance the home under one’s own name.
To do the same, they must qualify for refinancing with their proper income.
This option is somewhat skeptical on grounds of the reliability of the other partner. This is because even if your name is not in the property deed anymore, you & your ex-partner are both fully liable to the house expenses each month.
In such a case, if your ex misses some payments or if something happens to them, then you will be held fully accountable to house payments.
Even with no reliability issues, getting your name tied to the deed implies that you will not be getting another mortgage unless you have ample income to qualify for another house mortgage. As such, you might end up in big trouble. Therefore, the option of selling your house to a real estate investor still stands strong.
Negotiate A Buyout
The term “buyout” stands for the condition in which one or the other spouse makes a release of his or her interest in the given house in exchange for some good amount of cash.
The negotiation could also be in the form of a promise of some cash in future. It is quite common for one partner to be more emotionally attached to the house than the significant other. Similarly, the particular house could mean more to the partner who will be serving as the primary caregiver to the children and would thus, want to stay in the given home.
While considering a buyout, there are several factors that you need to take into account.
It is considered a wise move to not finalize over your divorce unless the property issues are settled properly. You must be prepared to receive court orders towards making your ex remove your name from the mortgage in case of refinancing or selling to a real estate investor.
Selling to a real estate investor might help you deal with your divorce easily, leaving you in a better condition to balance your financials and arrangement. Find out more about how a real estate investor can help in a cash-value situation on our homepage (https://sellmyhouseeasyfast.com), and we can help you liquidate your home to make that asset more easily handled in a divorce setting, or otherwise sell your house fast in Houston.