If you’re going through a divorce and need to sell your house, it’s important to know what your options are. In this blog post, we’ll outline the process for selling a house during a divorce in California, as well as some of the things you should keep in mind.
What to Expect
First, you should be aware that California is a community property state, which means all marital assets are shared and must be divided in a divorce.
Any property obtained before marriage or during a legal separation, inherited property during the marriage, or property passed by will or trust is not considered community property.
Additionally, community property laws can also be invalidated with a premarital agreement that clearly outlines what happens to the couple’s financial assets in the event of a divorce.
How is the Property Distributed?
When a house is considered a marital asset, you and your spouse must decide what to do with it. If an agreement cannot be reached, the case must go to court.
In most cases, the California court will rule to sell the house and split the profits equally between spouses. However, for cases in which selling the house may not be the most desirable outcome, the court may allow one spouse to keep the house in exchange for cash or other assets. Factors that influence who keeps the house include who bought the home, who pays the mortgage and other expenses, etc.
Who Gets to Stay in The House Until The Divorce is Final?
If children are involved, the court usually allows the parent who spends the most time with them to stay in the marital home. However, if the house is co-owned, neither spouse can make the other leave unless domestic violence is involved and the judge issues a restraining order.
How to Get Started
In general, the easiest way to divide a real estate asset is to sell it and split the profits among spouses. Hence, if you’re ready to begin the process of selling your house during the divorce process, there are two ways you can do it.
List the House on Your Own
If you and your partner are on good terms and can communicate effectively, you might be able to reach an agreement in which you sell the home on your own. You’ll have to sign a contract that specifies the terms of the sale and includes both of your names on the title. Once the house is sold, you’ll each receive a portion of the profits.
Additionally, if you have experience marketing and negotiating homes, this may be an attractive option for you.
Hire a Real Estate Agent
If you’re not sure if you’ll be able to communicate or collaborate with your spouse, consider hiring a divorce real estate agent. These agents are experts in assisting individuals in selling their houses during a divorce and can handle all paperwork and negotiations for you.
After you’ve found an agent you’re both pleased with, they’ll assist you in determining a fair sale price and putting your property on the market. They’ll handle all showings and open houses after that and negotiate with purchasers on your behalf. Keep in mind, though, that hiring a real estate agent comes with additional charges for agent closing fees and paperwork.
How to Prepare The House for Sale
Whether you hire a realtor to sell your house or list it on your own, it’s critical to prepare the home for sale by making any required repairs, staging the property, and making it as attractive as possible to potential purchasers. Doing so allows you to ensure you receive the property’s highest possible price.
Sell Your Home For Cash Quickly & Hassle-Free
Selling a home during a divorce can be difficult and stressful. You may not have the time or energy to deal with possible buyers who lowball you or wait for the sale to close. That’s where Favor Home Solutions can help. We realize that this is a difficult time for you, and we want to assist you in getting on with your life as soon as possible. We’ll provide you with a fair cash offer so you can put this chapter of your life behind you and move forward. If you want to sell your house quickly, get in touch with us now.