When a couple decides to divorce, one of the first decisions they have to make is what to do with the family home. It is not easy to sell a house, but there are a few ways you can minimize stress. In this blog, we outline the steps you need to take if you are divorcing in Kentucky and need to sell your house.
Property Division in Kentucky
In most cases, assets and property acquired during a marriage are shared by couples. After a divorce, a couple must decide how to divide their assets. As a result, property division poses one of the greatest challenges in divorce.
The first thing you need to know is that Kentucky is considered an equitable distribution state. Unlike community property states, divorcing parties divide property and debts in a fair and equitable way.
Kentucky has two types of property division: separate property and community property. Knowing which assets fall into which categories during divorce is vital since each type is handled differently.
Separate property refers to assets or property owned by one spouse alone. This category includes property acquired before marriage, inherited property, and gifts received by one spouse. As part of the property division process, all assets acquired with separate property will be treated as separate assets.
On the other hand, community property is owned jointly by a couple. This means that any real estate, assets, or proceeds derived from them belong to both parties.
Dividing Assets & Property
As long as both parties agree, Kentucky 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:
- Children’s custody
- Tax consequences
- How long the marriage lasted
- Each spouse’s age and health
- Each party’s income, property, and liabilities
- Education or career advancement contributions by one spouse to the other
- Any factors that the court determines are relevant
Who Can Stay in The Home Until The Divorce is Final?
In most cases, the parent who spends the most time with the children stays at home. It is illegal for either spouse to evict the other from a co-owned house unless domestic violence is involved.
The Home Selling Process
The ideal situation would be for the owners to sell the property asset and share the profits equally. If a couple decides to sell their house, they have three options.
A couple who communicates well and is friendly may be able to agree to list the house together. Both parties must sign a contract detailing the terms of the sale, and both names must appear on the title. After the property is sold, the spouses split the profits equally.
A couple who is familiar with and knowledgeable about home selling may prefer this option since they would handle negotiations and marketing. It may, however, be necessary to invest money in repairs to make the house more attractive to buyers.
Hire a Real Estate Agent
A divorce real estate agent can be helpful when spouses cannot communicate or collaborate. All paperwork and negotiations are handled by the professional when selling the home.
In addition to setting a fair price, agents must market properties effectively. By doing so, they will coordinate all showings and open houses for the couple and negotiate directly with potential buyers on their behalf.
Couples should remember that real estate professionals charge a fee after the transaction closes. In addition, since showings require the house to be in tip-top shape, repairs, and cleaning may still be necessary.
Sell the House to a Home Buyer
Alternatively, the house can be sold to a cash buyer who buys it as-is. Usually, this is a faster and easier way for couples to sell their homes since there are no additional fees, no third parties involved, and no repairs needed.
Sell My House Fast in Kentucky with Favor Home Solutions
At Favor Home Solutions, we understand that selling your home during a divorce can be frustrating, tricky, and even problematic. We’re here to make selling your home 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!