For many couples, deciding to sell a house during a divorce is not easy. There are many factors to consider, from dividing the assets to finding a new home. If you’re considering selling your house during a divorce in Arkansas, here is what you need to know.
What to Expect
The first thing to understand is that the process of selling a house during a divorce can be complicated. There are many moving parts, and it’s essential to understand what to expect. One of the most important things to remember is that both parties must agree to sell the property. The process can be more difficult if one party doesn’t want to sell.
How is Property Distribution Determined?
Typically, most properties are considered marital properties regardless of whether it was acquired before or during the marriage. When both parties can’t reach an agreement, the case goes to trial where a judge can order that the property be sold.
In Arkansas, the distribution of property is determined by a process called equitable distribution. This means that the court will divide the property fairly and equitably, taking into account factors such as each spouse’s earnings, contribution to the marriage, and needs.
Who Gets to Stay in the House?
If you have children, the court will likely order that the custodial parent gets to stay in the house. This is because it is generally believed that it is in the child’s best interest to have stability and continuity in their life. If you do not have children, the court will look at various factors to determine who gets to stay in the house. These factors can include each spouse’s income, employment history, and ability to pay the mortgage.
Getting The Process Started
In most cases, the easiest way to divide the real estate asset is to sell it and split the money. So if you’re ready to start the process of selling your house during a divorce, there are two ways you can go about it.
List the House on Your Own
As part of a typical home-selling process, you’ll need to list the house, show it to potential buyers, and negotiate a sales price.
Once you’ve found a buyer for your home, it’s time to start negotiating. While it’s important to be firm in your negotiations, you also need to be flexible. Remember that the goal is to get the best possible price for your home, so don’t be afraid to walk away from a deal if it’s not in your best interest.
When the property is sold, you’ll pay any outstanding mortgage and divide the proceeds between you and your spouse according to the divorce settlement. Although time-consuming, this may be a great option for you if you’re familiar with and comfortable with the home-selling process.
Sell the House with a Realtor
Most people will choose to hire a real estate agent so an experienced professional can take care of the sales process and handle negotiations. While this does lift most of the responsibility off their shoulders, working with a real estate agent involves extra fees in paperwork and closing fees. It also adds more people to the mix, as paperwork would need to be passed between both parties involved in the divorce, the buyer and the real estate company.
How to Prepare The House for Sale
Whether you list the home yourself or hire a realtor, it’s important to take some time to prepare the house for sale. This involves making any necessary repairs, staging the home, and making it as presentable as possible for potential buyers. By taking these steps, you can help ensure that you get the best possible price for your home.
Avoid The Hassle By Selling The House For Cash
At Favor Home Solutions, we know that selling a house during a divorce can be a complicated and extended process. We buy houses as-is and provide you with a fair cash offer so you can avoid extra expenses and put money in your pockets in as little as 14 days. Best of all, we can close based on your preferred timeline and we pay for all closing costs! Are you ready to sell your house fast and put this chapter of your life behind you? Contact us today!