If you are a married homeowner going through a divorce, you may be wondering what happens to your house. Who gets to stay in it? How is it divided? Can I sell it during the divorce process? You may have any number of questions, and this blog post provides some answers. Discover how to sell a house during a divorce in Florida by reading on.
What to Expect
The first thing you need to know is that Florida is considered an equitable distribution state. Different from community property states, divorcing parties divide property and debts in a fair and equitable way.
You can include the house in your divorce settlement if you and your spouse are in agreement. Should you be unable to agree, a judge will make the decision.
In this situation, the judge could order the sale of the house and divide the proceeds between the two parties. Alternatively, one party might receive the house, and another might receive other assets of equal value.
In Florida, the minimum residency requirement to file for dissolution of marriage is six months. Legal separation can be considered if neither spouse meets the residency requirement.
Factors that Determine the Property’s Distribution
It is important to keep in mind that just because one spouse owned the property prior to marriage doesn’t mean they get to keep it. There is a possibility that the judge could assign more value to that house. It will, however, probably still be deemed marital property and distributed accordingly.
In most cases, a couple’s property is divided equally after its value is determined. Courts may award a larger portion to one spouse, however, based on a variety of factors, including:
- Age difference
- Property type
- Abilities and education
- Separate property value
- Debts owed and future expenses
- An individual’s fault for causing the divorce
- Earning capacity or income differences
Based on these criteria, it is generally the more dependent and less well-off spouse who receives the larger share of the property.
Who Gets to Stay in the House?
In Florida, both spouses have equal rights to the marital home until the court grants sole ownership. Before the entry of this order, neither party may take action to assert exclusive control over the marital home.
It is best if spouses resist controlling behavior or moving out of the marital home before a court ruling has been made. In some cases, early move-outs may be used to argue that the spouse who vacated has sufficient financial resources.
Getting The Process Started
In the event that the court orders you to sell your house, you must list it for sale and follow the typical home-selling procedures. Listing the house, showing it to potential buyers, and negotiating its sale price are all part of this process. After the home is sold, you will have to pay off any outstanding mortgage debts and divide the proceeds according to your divorce agreement.
Preparing Your Home for Sale
There are a few things you should do before listing your home for sale:
- Make any repairs that are necessary. Making your home more appealing to potential buyers will help increase its value.
- Declutter and stage the home. Making the home look inviting will help potential buyers see its potential.
- Do your research. To accurately price your home, you must research its market value.
After you list your home, you need to prepare yourself to negotiate with potential buyers and their agents. Remember that you are not obliged to accept the first offer you receive. Be patient, and don’t be swayed by lowball offers. In addition, you should be willing to negotiate the price, the repairs, and the closing date.
Finalizing the Sale
After accepting an offer, you will need to sign a purchase agreement and schedule a closing date with the buyer’s agent. As part of the closing process, you will need to hand over the keys to the buyer and move out of the house.
Sell Your House Fast For Cash with Favor Home Solutions
Divorce can make selling a house complicated and hectic. It may be too tiring or time-consuming to deal with lowballing or slow-moving buyers. Luckily, Favor Home Solutions is here to help. We are aware that this is a difficult time for you, and we aim to help you move forward as quickly and efficiently as possible. With our fair cash offer, you can put this chapter of your life behind you and start over. If you are ready to sell your house fast, contact us today.