256-488-4055

What Are Your Options For Selling 
A House During Divorce?

Going through a divorce is tough by itself. But selling a house during divorce just adds to the stress. Even under the best conditions, there are always challenges along the way. Sometimes, couples are forced to stay together financially due to home ownership. Interested how we buy houses? Check out our process

Pay It Off Or Get A Short Sale

While you have many choices, the best option is to sell. Holding onto the home doesn't help in moving on. However, it might not be so easy in the current market, especially if you owe more on the mortgage than your house is worth. If this is the case, you'll need to pay off the difference on the loan or go for a short sale.

Issues With Short Sales

The downside of a short sale when you divorce selling a family home is that both of your credit scores are impacted. In addition, you both could still be responsible for the difference the house sells for and the amount still owed on the mortgage. However, the bank could always decide to release you from the liability during the short sale.

Refinancing Your House After Divorce

Attempting to refinance your house after a divorce is another option as long as you're not underwater on the mortgage. This only works as long as one of you agrees to let go of the house and the other, who's refinancing, has good credit and income. If you plan to keep the home, you'll want to make sure you can afford all of the expenses on your own.

One Spouse Keeps The Home

If your spouse keeps the home, don't expect it to be smooth sailing in getting a mortgage for another home. Sometimes, it's not so easy getting your name off a mortgage and qualifying for a second mortgage can be tough unless you have a high income. Your spouse might have to apply for another mortgage just so you can get your name off of it.

Consider Where You Are Going To Move To

Another thing to consider when selling a house during divorce is housing options in the community where you plan to live. If you decide to buy another home or rent, will your monthly payments be more or less? If you have kids, can you find similar housing in the same school district? What about the costs of moving or even renting a storage unit?

Consider Where You Are Going To Move To

You may be in love with your house now and want to stay, but what if during the next two years you must sell it? Delaying could lead to expensive capital gains tax. It might be better to trade the house for other assets.

As if selling a house during divorce isn't stressful enough, selling assets before a divorce can also be challenging. If not done correctly, there could be serious tax implications. Liquidating assets, though, should be a last resort due to taxes.

However, if you do liquidate assets, make sure you know what you're dealing with when it comes to investable assets and the costs associated with it. Also, know the cost of a real estate asset and what the capital gain will be when you sell the house. Get a good business valuation and appraisal for any collectibles you may have. Don't liquidate a 401K or fail to get fair price when you sell an asset. When selling a house during a divorce, again, you also don't want to acquire a huge capital gain with what you sell.

Keep in mind, you don't have to worry about taxes if you transfer assets back and forth with your spouse. Collaboration is when you and your spouse decide what something is valued at. In most cases, a judge does not get involved.

Do You Live In A Community Property State

Another question to ask while selling a house during divorce is whether you live in a community property state. There are only nine of them: Arizona, Idaho, California, Louisiana, New Mexico, Nevada, Texas, Wisconsin, and Washington. In a community property state, all assets acquired by you and your spouse are divided equally at the time of divorce. No other factors are taken into account. The rest of the states have equitable distribution which allows divorce courts to take factors into consideration such as length of marriage, ages, health, and the fact that one parent might have stayed home to take care of the kids.

Hire A Realtor To Sell Your House

Traditionally, many couples who divorce selling a home hire a realtor they pay a commission to. Or they sell the house themselves but then have the hassle of being in charge of the whole process.

Instead, why not sell your home to Veritas Home Buyers! When selling a house during a divorce, I can give you a fast sale and cash. All you need to do is fill out the form to get the process moving. I'm in the Huntsville area so can make you a cash offer within 24 hours. In just a few days, you'll be free of your house and able to move on with your life. You'll have quick cash and can immediately begin prioritizing your financial goals. This is how to sell a house fast in Huntsville.

Sell Your House To A Cash House Buying Company

Another option is to sell your house to a house-buying company. This gives you the best of both worlds! You won't have to worry about any repairs, you save on commission costs and you can receive a quote in just 24 hours.

Veritas Home Buyers gives you a cash offer within one day and you can close it whenever you want. Your house can be sold in a week!

If you need to sell your Huntsville area house fast and would like to get a no-obligation cash offer, call us now at 256-488-4055. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.
Lucky for you, we buy houses in Huntsville. We work fast to get you a no-obligation cash offer for you house within 24 hours.

Our customers comment all the time about our soft approach. You won't get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don't have to accept it. No charge. No fees.

We'd love to talk to you today about the house and your situation. We're here to help even if you decide not to sell your house.

Give us a call at 256-488-4055 or fill out the form below to get started. We look forward to talking with you.
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