It can be stressful to go through a divorce, especially when deciding what to do with the house. In Indiana, specific laws and procedures must be followed when selling a property during a divorce. Throughout this blog, we’ll provide information to help you sell your house in Indiana while divorcing.
Property Division in Indiana
During the marriage, many couples acquire property and assets that they share. These assets are typically divided between spouses after a divorce. In this regard, property division is one of the most troublesome aspects of divorce.
In Indiana, properties are divided into two categories: separate property and community property. Knowing what assets fall into each category is crucial since each type of asset is handled differently during a divorce.
Separate Property
The property owned exclusively by one spouse is known as separate property. In general, it includes properties acquired before marriage, inheritances, and gifts. Any assets acquired with the separate property are also considered individual assets during the property division process.
Community Property
Conversely, property acquired during a marriage is regarded as community property. Additionally, all real property, assets, and proceeds associated with them are jointly owned by the couple.
Dividing Assets & Property
As long as both parties agree, Indiana 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?
Often, the parent who spends the most time with the children stays in the marital home. In a co-owned home, neither spouse is allowed to evict the other unless domestic violence is involved.
The Process to Sell the Home
The best-case scenario would be to sell the asset (home) and then equally divide the profits among the spouses. When a couple has decided to sell their house, they have three options.
List the House
A couple who communicates well and is friendly may be able to decide to list the house together. In order to complete the sale, both parties must sign a contract and ensure that both names appear on the title. When the property is sold, the profits are divided equally between them.
Since they will handle negotiations and marketing, this is a good choice for couples who know the home-selling process well. However, if the house requires repair to be more attractive to potential buyers, the couple may have to invest money in repairs.
Hire a Realtor
Divorce real estate agents can help couples who cannot communicate or collaborate. These professionals assist people in selling their homes and manage all paperwork and negotiations.
The agent is also responsible for setting a reasonable sales price and marketing the property. In addition, they will act as the couple’s agents and conduct all showings and open houses on their behalf.
Unfortunately, you will have to pay an agent closing fee once the deal closes. In addition, since the house must be in pristine condition for showings, repairs, and cleaning may still be needed.
Sell the House to a Home Buying Company
A home-buying company can also provide a cash offer and purchase the house as-is. Due to the absence of showings, fees, or repairs, couples usually sell their homes faster and easier this way.
Sell Your House Fast in Indiana with Favor Home Solutions
At Favor Home Solutions, we understand that selling a property during a divorce can be challenging. For this reason, we offer a simple, stress-free, and straightforward process.
When you work with us, you don’t have to worry about paying any closing costs, agent fees, or repairs- we’ve got you covered! Our fair cash offer will put money in your pocket in as little as 14 days, making it possible for you to start a new chapter in your life. Get in touch with us today!
