When a couple decides to divorce, one of the first arrangements they have to make is what to do with the family home. It is not easy to sell a house amid a divorce, but there are a few things you can do to minimize the stress. In this blog, we outline the steps you need to take if you are divorcing in Missouri and need to sell your house.
Property Division in Missouri
Most couples share assets and property acquired during their marriages. As a result of a divorce, a couple must divide their assets. Thus, property division poses one of the greatest challenges in divorce.
The first thing you need to know is that Missouri is an equitable distribution state. Unlike community property states, in a divorce, property and debts are split equally between the two parties.
Missouri has two types of property division: separate property and community property. Each asset type is handled differently during divorce, so knowing which assets fall into which categories is essential.
Separate Property
Separate property consists of assets and property owned by one spouse alone. Any property acquired before marriage, inherited properties, or gifts received by one spouse falls into this category. Each asset acquired with separate property will be treated as a separate asset during property division.
Community Property
On the other hand, community property belongs to a couple jointly. As a result, both parties own the real estate, assets, and proceeds derived from them.
Dividing Assets & Property During Divorce
It is important to keep in mind that just because one spouse owned the property prior to marriage doesn’t mean they get to keep it. There is a possibility that the judge could assign more value to that house. It will, however, probably still be deemed marital property and distributed accordingly.
In most cases, a couple’s property is divided equally after its value is determined. Courts may award a larger portion to one spouse, however, based on a variety of factors, including:
- Age difference
- Property type
- Abilities and education
- Separate property value
- Debts owed and future expenses
- An individual’s fault for causing the divorce
- Earning capacity or income differences
Based on these criteria, it is generally the more dependent and less well-off spouse who receives the larger share of the property.
Who Can Stay in The Home Until The Divorce is Final?
Parents who spend the most time with their children usually stay at home with them. The eviction of a spouse from a co-owned house is illegal unless domestic violence is involved.
The Home Selling Process
Selling the property asset and equally sharing the profits would be ideal. Couples have three options when selling their house.
List Together
Couples who are friendly and communicate well may be able to list their house together. It is necessary for both parties to sign a contract detailing the terms of the sale, and both names must appear on the title of the property. Profits from the sale of the property are split equally between the spouses.
Couples familiar with home selling may prefer this option since they will handle negotiations and marketing. To make the house more appealing to buyers, it might be necessary to invest in repairs.
Hire a Real Estate Agent
When spouses cannot communicate or collaborate, a divorce real estate agent can be helpful. All paperwork and negotiations are handled by the realtor when selling the home.
In addition to setting a fair price, agents are also responsible for effectively marketing the property. Their role involves coordinating all showings and open houses for the couple and negotiating directly with potential buyers.
Couples should remember that real estate agents charge a fee after the home sale. In addition, showings require the house to be in tip-top shape, so investing in repairs and cleaning may still be necessary.
Sell the House to a Home Buyer
Lastly, the house can be sold to a cash buyer who buys it as-is. Due to the fact that there are no additional fees, no third parties involved, and no repairs required, this is usually a faster and easier way for couples to sell their houses.
Sell My House Fast in Missouri with Favor Home Solutions
At Favor Home Solutions, we understand that selling your home during a divorce can be challenging and frustrating. We’re here to make selling your home simple, hassle-free, and seamless. We don’t charge hidden fees or extra charges, so you do not have to worry about spending extra money! 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!
