When a couple decides to get divorced, one of the first things they have to figure out is what to do with the family home. Selling it can be difficult, but there are some ways to make it easier. If you’re in Arizona and need to sell your house during a divorce, here’s what you need to know.
What to Expect
First, you should know that Arizona is considered a community property state, meaning all marital assets are jointly owned and must be jointly split in a divorce process.
Property acquired before marriage or during a legal separation is not considered community property. Also excluded are gifts of property, inherited property during the marriage, and property passed by will or trust.
Moreover, community property laws can also be negated if a prenuptial agreement clearly outlines what happens to the couple’s financial assets in the event of a divorce.
Determining Property Distribution
If the house is considered a marital asset, you and your spouse need to agree on what will happen to the property. If an agreement isn’t reached, the case needs to go to court, where a judge decides the outcome.
In most cases, an Arizona court will rule to sell the house and divide the profits equally between spouses. However, in rare cases where selling the house may not be the most desirable outcome for the couple, the court may allow one spouse to keep the house in return for cash or other assets to balance it out. Factors influencing who keeps the house include who purchased the home, who pays the mortgage and other expenses, etc.
Who Gets to Stay in The House Until The Divorce is Over?
If you have children, the court generally allows the parent who spends the most time with the kids to stay in the marital home. If the house is co-owned, neither spouse has the right to make the other leave unless there is domestic violence involved and the judge emits a restraining order.
Getting The Process Started
Usually, the easiest way to divide the real estate asset is to sell it and split the profits. So if you’re ready to begin the process of selling your house during the divorce, there are two ways you can go about it.
List the House Yourselves
If you and your spouse are amicable and can communicate without too much conflict, you may be able to agree to list the house on your own. You’ll need to sign a contract outlining the sale’s terms and make sure both your names are on the title. Once the house is sold, you’ll each get your share of the profits and can move on with your lives.
This may also be a good option for you if you’re familiar with and comfortable with the home-selling process, as you’ll be responsible for marketing the house and handling negotiations.
Sell Through a Divorce Real Estate Agent
If you’re not confident in your ability to communicate or work together with your spouse, you can hire a divorce real estate agent. These agents are specially trained to help people sell their homes during a divorce and can handle all the paperwork and negotiations for you.
Once you’ve found an agent you’re both comfortable with, they’ll help you come up with a fair sale price and list the house. From there, they’ll handle all the showings and open houses and will negotiate with buyers on your behalf. However, keep in mind that hiring a real estate agent involves additional expenses in agent closing fees and paperwork.
How to Prepare The House for Sale
Whether you hire a realtor or list the home yourselves, it’s vital to prepare the house for sale by making any necessary repairs, staging the property, and making it as presentable as possible for potential buyers. By doing so, you can guarantee that you get the best possible price for the house.
Sell Your Home For Cash: A Quick & Easy Solution
At Favor Home Solutions, we understand that selling a property during a divorce is a complicated and time-consuming process. We buy houses as-is and give you a fair cash offer in as little as 14 days so you can avoid any fees and put money in your pocket as soon as possible. What’s more, we can close based on your preferred timeline, and we take care of any closing costs! Are you ready to sell your home quickly and put this chapter of your life behind you? Get in touch with us now!
