If you’re a married homeowner facing divorce, you may be wondering what happens to your house. How is it divided, or who stays in it? Is it even possible to sell it during a divorce?
It is likely that you have any number of questions, and this blog post provides some answers. Read on to learn how to sell a house during a divorce in Michigan.
What to Expect
One of the first things you should know about Michigan is that it is an equitable distribution state. Divorcing couples can divide property and debt fairly, unlike in community property states, where all assets are shared equally. Additionally, Michigan requires a minimum of 180 days of residency to file for dissolution of marriage.
Houses can be included in divorce settlements if both parties agree. In the event that an agreement can’t be reached, a judge will decide in court.
Depending on the circumstances, the judge may decide to sell the house and split the proceeds. It is also possible for one party to receive the house and the other to receive other assets of equal value.
How Does Property Distribution Work?
The fact that one spouse owned the property before marriage does not mean they can keep it after marriage as a home may be valued higher by a judge. Even so, it is likely to remain marital property, which means it will be divided accordingly.
According to Michigan marital property laws, the value of a couple’s property is typically split equally. However, one spouse may receive a larger portion depending on several factors, such as:
- Age difference
- Type of property
- Separate property value
- Skills and educational background
- Debts owed and future expenses
- A person’s fault for causing the divorce
- Differences in earning capacity or income
Based on specific factors, dependent spouses tend to receive a more significant share during the divorce.
Who Gets to Stay in the House?
If the parties cannot agree on who will remain in the home, the status quo continues, and neither party may kick the other out. In the absence of a court order, spouses should resist leaving the marital home as early move-outs can be used to argue that one spouse has sufficient funds to move out.
If either spouse exhibits significant negativity, threats, or harassment toward the other, a protective order may be filed.
The Home Selling Process
If you are required to list your house for sale by a court order or by agreement with your spouse, follow the standard steps for selling a house. In this process, the house is listed, shown to potential buyers, and a sale price is negotiated. As part of the divorce agreement, you must pay off your outstanding mortgage debt upon selling your home.
Prepare Your Home for Sale
In order to prepare your home for sale, you should:
- Make sure the necessary repairs are made. If you make your home more attractive, potential buyers will be more inclined to buy it.
- Make sure the house is decluttered and staged. A home that looks inviting will attract potential buyers.
- Make sure you do your market research. Market trends in your area can help you determine the best price for your home and how to sell it.
When you put your house on the market, you have to negotiate with potential buyers and their agents. Keep in mind that you are not obligated to accept the first offer you receive. Don’t be swayed by lowball offers, and keep an open mind. The closing date, the price, and any repairs (if any) should also be discussed during the negotiation process.
Finalize the Sale
As soon as you accept an offer, you will need to sign a purchase agreement with the buyer’s agent and schedule a closing date. At closing, the buyer receives the keys, and you vacate the house.
Sell Your House As-Is in Michigan with Favor Home Solutions
Even though the process outlined above seems straightforward, several factors can go wrong and make the home selling process a nightmare when dealing with a divorce. At Favor Home Solutions, we are aware of how time-consuming and stressful the divorce process can be. Our team is ready to assist you and provide you with a fair, no-obligation cash offer for your home.
We’re committed to helping you put this chapter of your life behind you and start over. Contact us today if you want to sell your house fast without paying an extra dime on repairs or fees!