If you are a married homeowner and are going through a divorce, you may be wondering what happens to the house. How is it divided? Who gets to stay in it? Can I sell it during the divorce? These are all valid questions, and this blog post will provide you with some answers. Keep reading to learn more about the process of selling a house during a divorce in Alabama.
What to Expect
The first thing you should know is that Alabama is considered an equitable distribution state. Unlike what happens in community property states, property and debts shared by divorcing parties are divided up in a way that is most fair and equitable.
If you and your spouse agree on who will get the house, you can include this in your divorce settlement. However, if you cannot come to an agreement, the judge will decide for you.
One possibility is that the judge will order the sale of the house and divide the proceeds between the two parties. Another possibility is that one party will be given the house, and the other party will receive other assets of equal value.
In Alabama, the minimum residency requirement to file for divorce is six months, and the end of a divorce is subject to a 30-day waiting period.
Factors that Determine the Property’s Distribution
It’s important to keep in mind that just because one spouse owned the property prior to marriage does not necessarily mean that person gets to walk away with it. The judge could assign a more significant portion of value for that house. However, it will probably still be deemed marital property, making it subject to distribution.
In most situations, the value of a couple’s property is determined and split equally. One spouse, on the other hand, may be awarded a larger portion owing to a variety of criteria considered by the court, including:
- The differences in earning capacities or incomes
- The spouses’ abilities and education
- The spouses’ debts owed and future expenses
- The difference in spouse’s ages
- The value of separate property
- The type of property being divided
- The fault of one spouse in causing the divorce
Based on these criteria, the more reliant and less well-off spouse generally will get a larger share of the property.
Who Gets to Stay in the House?
In Alabama, both spouses have an equal right to the marital home until a court issues an order for sole possession of the property. A party may not take action to claim exclusive control over the marital home before the entry of this order.
Spouses should resist controlling behavior or moving out of the marital home before the court’s ruling. An early move-out can be used to argue that the spouse who vacated has enough resources to do so.
Getting The Process Started
If the court orders you to sell the house, you must list it for sale and go through the typical home-selling process. This includes listing the house, showing it to potential buyers, and negotiating a sales price. Once the home is sold, you will need to pay any outstanding mortgage debts and divide the proceeds between you and your spouse according to the divorce settlement.
What You Need to Do to Prepare Your Home for Sale
Before you list your home for sale, there are a few things you need to do to prepare it:
- You should make any necessary repairs. This will help increase the value of your home and make it more attractive to potential buyers.
- You should declutter and stage your home. This will make it look more inviting and help potential buyers see its potential.
- You should research the market value of your home so you can price it correctly.
How to Handle Negotiations With Buyers and Their Agents
Once your home is on the market, you will need to be prepared to negotiate with buyers and their agents. It is important to remember that you are not obligated to accept the first offer you receive. Take your time and counter any lowball offers. You should also be prepared to negotiate the price, repairs, and closing date.
Finalize the Sale and Move Out of The Home
Once you have accepted an offer, you will need to sign a purchase agreement and work with the buyer’s agent to schedule a closing date. On the day of closing, you will need to hand over the keys to the buyer and move out of the house.
Sell Your House For Cash with Favor Home Solutions
Selling a house during a divorce can be complicated and hectic. You may not have the time or energy to deal with potential buyers who will lowball you or take forever to make an offer. That’s where Favor Home Solutions comes in. We understand that this is a difficult time for you, and we want to help you move on as quickly and efficiently as possible. We will give you a fair cash offer so you can put this chapter of your life behind you and start fresh. If you are ready to sell your house fast, contact us today.
