When a couple decides to divorce, one of the first things they have to decide is what to do with the family home. It can be difficult to sell, but there are some ways to make it easier. In this blog, you’ll learn what you need to know if you need to sell your house in Idaho while divorcing.
Property Division During Divorce in Idaho
During a marriage, couples often acquire assets and property that they share. In the event of a divorce, the couple will need to make a decision when it comes to dividing their assets. Due to this, property division is one of the most challenging aspects of divorce.
Idaho has two types of property division: separate property and community property. It is crucial to understand which assets fall into which category during divorce since each type is handled differently.
Separate Property
Separate property is property owned by one spouse alone. This includes properties acquired before marriage, inherited properties, and gifts received by one spouse. Any assets acquired with the separate property are also considered separate assets during the property division process.
Community Property
During a marriage, however, property acquired becomes community property. Furthermore, any real estate, assets, or proceeds from them belong to both parties.
Dividing Assets & Property
As long as both parties agree, Idaho courts will usually accept any fair property and debt division arrangement. In the event that no agreement can be reached, a judge will step in and divide the marital assets equally between the spouses. Each spouse is usually entitled to their separate property.
The court will take the following factors into consideration:
- How long the marriage lasted
- Each spouse’s age and health
- Each party’s income, property, and liabilities
- Children’s custody
- Education or career advancement contributions by one spouse to the other
- Tax consequences
- Any factors that the court determines are relevant
Who Gets to Stay in The House Until The Divorce is Final?
In most cases, the parent who spends the most time with the children stays at the house. Without domestic violence, neither spouse can evict the other if the house is co-owned.
How to Sell the Home
Ideally, the property asset is sold, and the owners evenly distribute the profit. When a couple decides to sell their house, they have three options.
List the House Together
A couple who communicates well and is friendly may be able to agree on listing the house together. Both parties must sign a contract detailing the terms of the sale and ensure that both names appear on the title. When the property is sold, profits are split equally between the spouses.
Since they will handle negotiations and marketing, this is a good option for couples who are familiar with and knowledgeable about the home-selling process. However, if the house needs a tune-up to make it more appealing to buyers, they may have to invest in repairs.
Hire a Realtor
When spouses cannot communicate or collaborate, a divorce real estate agent can help. The professionals assist people in selling their homes and handle all paperwork and negotiations.
Agents are responsible for setting a reasonable sales price and marketing properties. As a result, they will handle all showings and open houses on behalf of the couple and negotiate directly with buyers.
However, it is important to remember that hiring a real estate professional involves paying an agent closing fee after the transaction closes. Furthermore, since the house needs to be in tip-top shape for showings, investment in repairs and cleaning may still be necessary.
Sell the House to a Home Buying Company
There is also the option of selling the house to a home-buying company that makes a cash offer and buys the house as-is. This is usually a faster and easier way for couples to sell their home since there are no additional fees, no third parties are involved, and there is no need for repairs.
Sell My House Fast in Idaho with Favor Home Solutions
At Favor Home Solutions, we understand how complicated it can be to sell a property during a divorce. With us, selling your home is simple, stress-free, and straightforward. Our service is free of hidden fees or extra charges – we’ve got you covered! With our fair cash offer, you can start a new chapter in your life as soon as 14 days from now. Get in touch with us today!
