Are you in the process of getting divorced and having to sell your house? If so, you’re not alone. According to statistics from the American Academy of Matrimonial Lawyers, about one-third of all divorce cases involve a home. Luckily, you can do a few things to make the process a bit smoother. In this blog post, we’ll go over the process of selling your house while divorcing in Louisiana.
Divorce & Property Division in Louisiana
Many couples in Louisiana acquire assets and property throughout their marriage, which they sometimes share. However, should a couple decide to divorce, they must usually split up their shared assets between them. For many couples, the property division procedure may be the most challenging part of the divorce process.
When it comes to property division in Louisiana, divorces, assets, and property are usually classified into two categories: separate property and community property. Since each property type is handled differently during the divorce process, it’s crucial to understand what assets fall into each category.
Separate Property
In simple terms, separate property refers to those assets that belong solely to one spouse. It can include properties acquired before the marriage, inherited properties, or donations made to one spouse. Additionally, any assets obtained using the separate property are also considered separate during the property division process.
Community Property
On the other hand, any assets or properties acquired during the marriage are considered community property. This also includes any properties or assets jointly given to the couple and any proceeds accrued from them.
Dividing Assets & Property
Unless they have a contract (prenuptial agreement) that stipulates otherwise, Louisiana couples are subject to the state’s community property law once married. As a result, both spouses contribute to the accumulation of their community property, according to the Internal Revenue Service. For that reason, they are each entitled to an equal share of the property in the event of a divorce.
At this point, it’s up to the couple to agree on what will happen to the property. If an agreement can’t be reached, a judge will order the division of assets and community property, according to the Louisiana State Bar Association.
The court will usually first value a couple’s community assets and property. The assets are then split so that each spouse gets half of the community property. In some instances, the court may order that certain assets are sold, so the proceeds are split equally between the spouses. As far as separate property goes, each spouse usually retains their separate property during the property division process.
Who Gets to Stay in The House Until The Divorce is Final?
In most divorces, the parent who spends the most time with the children stays in the marital home. If the house is co-owned, neither spouse can evict the other unless domestic violence is involved and a restraining order is issued.
The Process to Sell the Home
Ideally, the best way to divide the real estate asset is to sell it and split the profits. So if the couple has come to an agreement and is ready to begin the process of selling your house, there are three ways they can proceed.
Generally speaking, most couples have three options when it comes to selling the house. They can choose to list it themselves, hire a realtor, or sell the house to a home-buying company.
Listing the House Yourselves
If you and your spouse are friendly and can communicate without fighting, you may be able to reach an agreement to list the house yourselves. You’ll have to sign a contract stating the terms of the sale and make sure both of your names appear on the title. You’ll each receive a portion of the profits when the property is sold.
This can also be a good option for you if you’re familiar and comfortable with the home-selling process, as you’ll be in charge of marketing the house and handling negotiations. Remember that you may need to invest a couple of thousand dollars on repairs if your home needs a tune-up to make a good impression on buyers.
Hiring a Realtor
If you’re unsure how to communicate with or collaborate with your spouse, you can hire a divorce real estate agent. These professionals are specially educated to assist people in selling their homes during a divorce and can handle all the paperwork and negotiations.
When you’ve chosen an agent you’re both comfortable with, they’ll work together to come up with a reasonable selling price and put your property on the market. They’ll subsequently handle all showings and open houses and negotiate directly with purchasers on your behalf.
Keep in mind, though, that hiring a real estate professional includes paying an agent closing fee when the deal is closed and investing money in the house as needed for showings.
Selling the House to a Home Buying Company
The third option involves selling the house to a home-buying company that will provide you with a cash offer and buys the house as-is. This process is usually quicker and hassle-free as you don’t have to worry about showings, additional fees, or spending money on repairs to make the home more appealing to buyers.
Favor Home Solutions Has Your Back
At Favor Home Solutions, we understand that selling a property during a divorce is already a complicated and tedious process. We’re all about making the process of selling your home simple and stress-free. Forget about paying additional fees or worrying about additional costs- we’ve got you covered! We’ll provide you with a fair cash offer so you can put money in your pockets in as little as 14 days and start your new life. Contact us to get started!
