One of the first decisions a couple has to make when they decide to divorce is how to handle the family home. The process of selling can be difficult, but there are a few ways you can make it less challenging. Here are the steps you need to take if you are divorcing in Iowa and need to sell your house.
How Does Property Division Work in Iowa?
The assets and property acquired by a couple during a marriage are usually shared jointly. When a couple gets divorced, they must decide how to divide their assets. Property division is, therefore, one of the most challenging aspects of divorce.
The first thing you need to know is that Iowa is an equitable distribution state. Different from community property states, divorcing parties divide property and debts in a fair and equitable way.
There are two types of property division in Iowa: separate property and community property. Understanding which assets fall into which category during divorce is crucial since each type is handled differently.
Separate Property
Separate property consists of assets or property owned by one spouse alone. Property acquired before marriage inherited property, and gifts received by one spouse are included in this category. In the property division process, all assets acquired with separate property will be considered separate assets.
Community Property
In contrast, community property belongs to a couple jointly. As a result, any real estate, assets, or proceeds derived from them belong to both parties.
Dividing Assets & Property
As long as both parties agree, Iowa 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 Can Stay in The House Until The Divorce is Final?
Typically, the parent who spends the most time with the children stays at home. In the absence of domestic violence, neither spouse can evict the other from a co-owned house.
The Process of Selling The Home
In an ideal situation, the owners would sell the property asset and distribute the profit equally. Three options are available to a couple who decides to sell their house.
List the House Together
Couples who communicate well and are friendly may be able to agree on listing the house together. A contract detailing the terms of the sale must be signed by both parties, and both names must appear on the title. Profits from the property sale are then split equally between the spouses.
This may also be a good option for couples who are familiar with and knowledgeable about the home-selling process since they will handle negotiations and marketing. If, however, repairs are necessary to make the house more attractive to buyers, they may have to invest money to take care of them.
Hire a Realtor
The services of a divorce real estate agent are helpful when spouses are unable to communicate or collaborate. All paperwork and negotiations are handled by professionals when selling the home.
In addition to setting a reasonable sales price, agents must market properties effectively. In this way, they will handle all showings and open houses on behalf of the couple and negotiate directly with potential buyers.
A real estate professional’s closing fee will be charged after the transaction closes, so couples must keep that in mind when hiring one. Furthermore, since showings require the house to be in tip-top shape, repairs and cleaning may still be necessary.
Sell the House to a Home Buying Company
The house can also be sold to a home buyer company that makes a cash offer and buys it as-is. Since there are no additional fees, no third parties involved, and no repairs are necessary, this is usually a faster and easier way for couples to sell their homes.
Sell My House Fast in Iowa with Favor Home Solutions
At Favor Home Solutions, we understand that selling your home during a divorce can be challenging. With us, selling your home is simple, stress-free, and effortless. Our service is free of hidden fees or extra charges, so you don’t have to worry about spending an extra dime! 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!
